Gulf Oil Sheen Causes Shell Shares To Drop

04/12/2012 06:08 am ET | Updated Jun 12, 2012

AMSTERDAM (AP) — Shares in Royal Dutch Shell PLC have fallen more than 4 percent in European trading after the company said a "light sheen" of oil had been seen in the general area of two of its production facilities.

The company says the source of the sheen is unknown and it had "no current indication the sheen originates from wells in either the Mars or Ursa projects" about 130 miles southeast of New Orleans.

Still, shares dropped 4.6 percent to €24.82 in Amsterdam on Thursday. In a statement published on its U.S. website Wednesday, Shell said it sent a response ship to the area "out of prudent caution" and was asking planes in the area to monitor the sheen, which it described as about one mile long and ten miles wide.

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