Boil white wine and shallots in heavy medium saucepan over high heat until liquid evaporates, about 4 minutes.
Reduce heat to medium-high.
Add whipping cream and simmer until reduced to 1 cup, about 2 minutes.
Add Dijon mustard, basil and dill.
Simmer 2 minutes to blend flavors.
Season sauce to taste with salt and pepper.