Combine all lobster stock ingredients into a large pot. Bring pot to a rolling boil. Reduce heat to simmer. Cover on stockpot and simmer for two hours.
Strain the lobster stock through a fine strainer to remove large chunks into a large bowl.
Return the orignal pot to the stove. Combine 2 tbsp of butter with the olive oil over medium heat until butter is melted.
Add the onion and garlic to the pot and cook for 2 to 3 min.
Add the Old Bay and Paprika and cook for an additional 5-6 min until the onion turns soft.
Ad 1/4 cup of sherry to the pot and cook until it is reduced by half.
Mix together 2 tbsp of butter and flour to make a roux. Move the flour roux to the pot and give it a quick mix.
Add the tomato paste to the pot and mix well.
Add 1/4 cup of sherry and the lobster stock to the pot. Mix thoroughly.
Bring the pot to a boil. Cover pot and simmer for 1 hour.
Add in the heavy cream and season the Lobster Bisque with additional salt and pepper to taste.