Heat the butter and oil in a pan over medium heat. When melted, add shallot and saute for 2 minutes. Add thyme and saute for 30 seconds.

Reduce heat to medium. Add the lobster meat and cook for 2-3 minutes, until lobster is firm and cooked through. Transfer lobster to a plate. When cooled enough, remove the meat from the shells and break the shells into smaller pieces.

Pour in the sherry or wine and set the lobster shells into the pan. Add the garlic. Bring to a boil for 2-3 minutes, until wine is reduced by half. Remove and discard the lobster shells.

Strain the broth over a fine mesh sieve to remove any bits. Return it to the pan.

Pour in the heavy cream, pepper, and paprika. Whisk to combine. Taste and season accordingly. I’ve found that it needs very little salt, so don’t add the whole amount - taste and add a small amount to start. Add the lobster back to the pan. Cook for 3-5 minutes, until the sauce is thickened.

Serve over lobster ravioli, or any ravioli you like.