Heat olive oil in 6-qt. saucepan until it begins to smoke. Add lobster pieces. Stir until lobster turns red. Separate shells from meat and return shells to pot. Chop meat into bite-sized pieces and set aside.Add carrots, onions and celery to shells and stir until onion is tender. Add wine and simmer until reduced by half. Add brandy. Bring to simmer and carefully ignite, keeping face and clothing away from flames. When flames die down, add water, garlic, tomato paste, pariika, cayenne thyme, tarragon, bay leaves and black pepper. Stir well. Bring to boil, reduce heat and simmer 35 minutes, stirring occasionally. Strain through cheese cloth into clean 2-quart saucepan.
Soften butter in small bowl and knead in flour. Bring lobster stock to boil. Add flour-butter mixture and stir with whisk until flour-butter mixture dissolves a nd soup is uniformly thick in texture, about 5 minutes. Add hot cream. Season wi th salt and white pepper. Simmer 1 minute. Add sherry and stir. Remove from heat .