I have been reading about Subsea resources, and I will be keeping an eye on the stock, as their first salvage operation is imminent, and it will be interesting to see what level of sucess they can achieve, measured against their expectations.



SubSea Resources has been formed to salvage cargoes from cargo ships that have been lost in deep water. Only a handful of wrecks have been salvaged in water depths exceeding 1000 metres, whereas hundreds have been worked on in depths down to 300 metres. The barrier to deeper work has been a lack of technology, which is now available mainly due to developments in the offshore oil and gas industry.

Sonar scan of wreck

SubSea Resources has identified at least 70 commercial salvage targets and has identified twenty major target vessels containing cargoes with a gross value of over $450 million (based on recent LME metal prices and contemporary lading records). In the first phase of the companys business plan it aims to raise the cargoes from six of these vessels over the next three years.


In addition, it is anticipated that certain historic cargoes may be integrated with the commercial salvage operations. Some of the historic targets have potential values of many millions of dollars each, bringing the combined value of identified historic and commercial targets to well over $1 billion.




Initial Salvage Targets

SubSea Resources has an initial programme to salvage the cargos of six commercial wrecks in the period to 31 March 2008. The gross value of these six wrecks is estimated at US$180 million.

The wrecks allow for a mix of weather conditions - allowing for both northern summer and winter working conditions. All wrecks are in international waters and all of the cargoes will be recovered through contracts with the legal owners. The water depths range from below 1500 meters to 5000+ meters.




Corporate website : http://www.subsearesources.com/index.php

12.75p today

Suspension

SubSea Resources PLC
08 November 2006


SubSea Resources PLC
(or the 'Company')


The Board of Directors of the Company announces that it has requested the
suspension of its ordinary shares and warrants from trading on AIM pending
clarification of its financial position. A further announcement will be made in
due course.

Oh Dear

SWW,

Yes as predicted by a few wise people here, a suspension clearly caused by a lack of funds.

I hope for the sake of any holders that they are sucessful in raising new money.

Shares Magazine recntly did a spread on the as I recall.

Sorry Shares, I onbce subscribed, but noit anyome and never will again.

I have a sneaky memory that they recced Langbar as well?

Shame for holders.

The worry is more than enough.

SWW,

Yes Shares did recoment Langbar if my memory serves me correctly.

As a subscriber to Shares, I have to say they make quite a few good recommendations too, afterall they cover quite a few companies each edition so they are bound to pick some rockets, and a few bloopers, by the law of averages.

I use it the magazine, as i do all media sources, as a starting point for further research, I never buy such a tip blindly.

My prediction (which I can make without losing any sleep as I still have no shares in the company) is that SUB will sort out its fundraising and that the SP will rise nicely when the suspension is lifted. And I hope I can get in before it rises too far.

I don't think for a moment that SUB is going to join the Celia at the bottom of the deep blue sea. Suspensions don't always have to be a bad thing - if it prevents the SP from shooting lower and accordingly reduces the likely dilution then ultimately it will be advantageous.

Watch this space. IMO/PDYOR, etc.

Soul t, you could well be right, I to will be watching to see what happens, it is still a fascinating share. :)

and still one to avoid like the plague

He must have read your post cynic!

http://moneyam.uk-wire.com/cgi-bin/articles/200611170700292409M.html

SubSea Resources PLC

(or the 'Company')



London 17th November, 2006: SubSea Resources plc announces that Mr Christopher
Rowe resigned yesterday from his position on the Board of Directors of the
Company with immediate effect. A suitable replacement is actively being sought
and a further announcement will be made in due course

I hear Edward Teach may be interested.

Or Bartholomew Roberts.

Or Jaques Cousteau

Can't have Jaques Cousteau, he's not a notorious Pirate.

One other thing, they are all dead, but that won't be a problem

Davy Jones is perhaps the most apt of all ..... derivation on request!

How about Sinbad!

Popeye is free....

So is Mr Humphreys.....

I hope you lot are not going to start on gay pirates now!!!
& you are not taking soult's investment very seriously - Heaven knows how many pieces of eight he's got invested in this one.:o)

for sure he has had to pawn his wheelchair and blanket