Melt 1 tablespoon of the butter in a large skillet over medium-high heat.

Add shallots and salt; cook, stirring until shallots soften, about 2 minutes.

Place lobster tails cut-sides down in pan; pour in 1/3 cup of the sherry, cover the skillet and cook 3 minutes.

Uncover, add shrimp and cook, stirring frequently until lobster is just browned and shrimp are opaque, about 4 more minutes.

Remove the skillet from heat.

With tongs, transfer lobster tails and shrimp to a cutting board and cool.

Remove lobster meat from shells, chop it and return it to shells.

Return the skillet to medium-high heat and add remaining 1/2 tablespoon butter.

Sprinkle flour over top of shallots and cook, stirring, 1 minute.

Slowly whisk in broth and cook until thickened, about 1 minute.

Stir in peas, cream, cayenne and remaining 2 tablespoons sherry.

Return shrimp to the skillet and heat through.

Ladle stew into 4 bowls and place 2 lobster tail halves in each bowl.

Garnish with chives.