In a large nonstick sauté pan, melt 1 tablespoon butter with 1 tablespoon olive oil over medium-high heat. Add shrimp and season with salt and pepper. Sauté approximate 3 minutes, just until shrimp is opaque. Remove to a plate.

In the now empty pan, melt 1 tablespoon butter with 1 tablespoon olive oil. Add shallots and asparagus and sauté 2 minutes over medium-high heat. Add garlic and red pepper flakes and sauté 30 seconds.

Add ravioli, milk, and half of the chicken broth. Mix remaining chicken broth with cornstarch and add to skillet along with dried basil, salt and pepper. Bring to a boil and immediately reduce to a simmer. Simmer just until ravioli is al dente (a minute or so less than package instructions), being careful not to overcook. Turn heat to low.

Push ravioli to one side of the pan and add cream cheese to the other side and whisk until mostly melted, followed by Parmesan cheese. Stir in peas, lemon juice and shrimp. Heat through and garnish with fresh parsley and additional salt/pepper/lemon juice/Parmesan to taste if desired.