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

Yeah, you're okay.........!

xxx

Apologies soult. Thought you had invested.
Interesting article in the F.T. this weekend which, to paraphrase, implies that Mr. Rowe was encouraged to go by both investors & analysts following the collapse of the deal to sell the survey vessel & the length of time it took him to notify the public that funding was not forthcoming. The MD, Mr. Gleaves, describes the resignation as "a net positive for the group".
Sadly, not any other positives to report!

Harry, thanks for the heads-up about the article.

SWW, you've made me blush . . . .

Steak and Kidney - 1.85p

Chicken and Mushroom - 1.70p

Canada, is this an obscure reference to the "What's a piecost?" joke in the Marmalade Atkins story? And why?

Or have you posted to the wrong thread?

Whatever the answer is, it's making me hungry. Can I get a Chick 'n' Mush with chips and gravy?

soul traders, it's two more pie rates!

LOL/Groan - that's awful, Canada - is that supposed to be a warm-up for the inevitable flood of excruciating Christmas-Cracker jokes in 5 weeks' time?

1.70 seems okay, though.

So I was almost there with Marmalade Atkins (and would probably be even further if anyone had a clue what I'm on about).

soul, sorry!

On a more serious note, I spoke to subsea this morning, they seemed absolutely gutted for the shareholders, if you've got shares give them a call, they should put your mind at ease.

Article in Shares Mag this week says that SUB is in talks over possible JV or similar to provide funds.

But who would JV with them????

SubSea Resources PLC
24 November 2006



NOTICE OF EGM

SubSea Resources PLC

('SubSea' or 'The Company')



Subsea Resources PLC (AIM: SUB) announces that it has today sent out to
shareholders a circular containing a notice of an extraordinary general meeting
to be held on 18 December 2006. The Board of Directors of the Company announced
on 8 November 2006 that it had requested the suspension of both its Ordinary
Shares and Warrants from trading on AIM pending clarification of its financial
position and that a further announcement would be made in due course. The
suspension followed an announcement on 1 November that one of the counterparties
to the sale and leaseback of its survey vessel, John Lethbridge, had failed to
complete the transaction.



The Board of Directors are working closely with its advisers to clarify the
Company's financial position and hopes to make an announcement on its current
position within the next three weeks.



It is, however, clear that whatever the outcome of this exercise, the Company
will have to raise a significant sum of money to finance the Company and to
provide ongoing working capital. At present your Board are discussing a number
of alternatives to secure the immediate financial future of the Company and
details of the form that any fundraising might take are not yet determined but
this is likely to involve a private placing of new Ordinary Shares. In
addition, it may be advantageous for the Company to refinance or restructure its
existing financing arrangements and this may involve the capitalisation of some
or all of such loans, including those from Subsea Shareholders and Directors.
At this stage it is not possible to state exactly the amount of cash which may
be required by the Group. However it is anticipated that, in order to leave the
Company adequately funded to meet its creditors and to move ahead with its plans
for 2007, an amount somewhat greater than the 4.5 million due to have been
received in respect of the John Lethbridge sale and leaseback will be required.
Whilst the Company has received indications of support from certain
institutional and other shareholders, investors and creditors, at this stage
there is no guarantee that a fundraising will be successful.



To give the Board of Directors maximum flexibility to accomplish a fundraising
in an expedited manner, an extraordinary general meeting is being convened for
the purpose of authorising the allotment of new Ordinary Shares (and other
relevant securities). Given the Company's urgent situation the Directors
believe that it is in the best interests of the Company and the Subsea
shareholders to undertake the Proposed Fundraising by way of a private placing
which, subject to the passing of the Resolutions, can be completed relatively
quickly as opposed to a pre-emptive offer to Shareholders.



The Company intends to make a more detailed announcement to shareholders
regarding its financial position and the Director's proposals to provide finance
and working capital for the Group as soon as reasonably practicable before the
latest time for receipt of signed and completed forms of proxy on 16 December
2006 and in any event prior to the extraordinary general meeting on 18 December
2006.

HLYeo, according to the Shares article, various offshore companies, some capped at over 1bn, have expressed an interest in loaning equipment or providing funding in return for a slice of the proceeds.

Who they are, I don't know, but if I had a large cash-pile and could make SUB an offer of help, I'd do it.

Smiler, thanks for the post.

soul t I am still interested in this stock having spent the last 25 years at sea, but I guess we will have to see what happens. :)

Okay, Smiler, I see you have some experience of nautical life (mine is confined to frequently getting stuck on mudbanks in Poole Harbour aboard my father's dinghy, but that's another story!).

I am still convinced that this is a real gem, currently being unfairly overlooked, but am happy to wait and hopefully get in ahead of the herd in the near future, once the suspension is lifted.

PDYOR, etc.

there is a herd out here watching wot you are saying and wanting to get a bit of this toy

MD! just when I thought everyone was totally disagreeing with me.

Race you to the "Buy" button on the day the shares are unblocked :o)

.

soul* ..... you have clearly lost your marbles as well as your wheelchair and blanket .... lol!