Heat the oil in a 6-8 quart stockpot over medium heat. Add the shallots and garlic. Sauté until the shallots have softened, about 5 minutes. Add the mushrooms and sauté until they begin to sweat and the moisture starts to evaporate. Add the sherry, broth, and fresh thyme. Bring to a simmer and cook 15-20 minutes. Let the mixture cool to room temperature.
Pur´e the mixture in batches with a blender until smooth. Return the soup to the pot set over medium heat; add the evaporated milk and half-and-half. Return to a simmer, cook for a minute or two until hot, and serve.
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