Santa Barbara Shrimp with Mustard

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36 to 48 medium shrimp (6 to 8 per person)

Salt and freshly ground pepper

4 tablespoons almond or safflower oil

2 medium shallots, minced

1 bunch fresh tarragon leaves, minced

1/2 cup dry sherry

1/2 cup heavy cream

2 tablespoons unsalted butter, cut into small pieces

2 tablespoons Dijon mustard

1 tablespoon minced chives

Salt and freshly ground black pepper