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Friday, August 19, 2011

Shell Announces It Closed Leak In North Sea

- Shell Announces It Closed Leak In North Sea

Aug 19, 2011

Royal Dutch Shell (NYSE:RDS.A) announced that it has closed a valve from which oil was spilling into the North Sea.

The company said that this is a "key step" in stopping the leak at its Gannet Alpha platform, the worst North Sea oil spill in more than a decade. The company also said that it will observe the flowline to make sure the valve remains sealed.

Over 1,000 barrels of oil has spewed into the sea since a pipeline was found to be leaking August 12, according to Shell, though it claims that after closing the well.

Royal Dutch Shell (NYSE:RDS.A) has a potential upside of 33.8% based on a current price of $62.67 and an average consensus analyst price target of $83.83.

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