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

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!

Cynic, I protest; I have never felt better. Avast there, me hearties!! (dribble)

:o)

Yo ho ho and a bottle of Pussars Rum........

ST so it was you who put that dent in the sand banks ferry ! :)

Received from Subsea via e-mailing list 26 Nov


Dear Friends and Investors,

Many of you are likely to be aware of the suspension of trading in SUBSEA RESOURCES PLC shares and warrants. This suspension was at the request of the Board to allow for a clarification of the Companys financial position. It is hoped that the suspension will be temporary.

The Company itself has not ceased trading.

Some of you may also have noted that the Companys Chairman Christopher Rowe has resigned. This was a disappointment but I am pleased to advise that a number of other equally capable individuals have already been proposed to the Company. Once again it is hoped that the absence of a Chairman will only be temporary.

By way of background the Company has been forced into a difficult position due to a counterparty defaulting on an agreement to finance the Companys survey vessel John Lethbridge. This agreement had been put in place prior to the start of the Celia project as a means of ensuring that the Company would survive any unexpected problems on that project.

Obviously, the failure on the vessel financing has left a rather large hole in our budget and every one here is doing their very best to resolve the problems that this has imposed. At present there are a number of options open to the Company, one of which is a placing of shares. In the event that a placing does occur the Board will need to issue shares and accordingly an EGM is now planned for 18th December 2006 at which meeting shareholders will have the opportunity to vote on the proposed issuance. The EGM notice is available on the website.

It would not be appropriate for me to comment further at this stage other than to thank those of you who have expressed support for the Company at this difficult time.

With very best wishes,

Mark FJ Gleave

sounds like it is in its death throes , could have been worded better!

Smiler, fortutately getting swept by wind and current into the side of the Sandbanks Ferry has been one embarrassment we have managed to avoid. Good thing, as that kind of caper usually guarantees you a spot on the regional TV news.

My Dad made up for it at the end of the summer by getting rescued by the RNLI lifeboat when his engine wouldn't restart just off Bournemouth Beach . . .

MD, I'd be surprised to see this one die just yet. Watching and waiting . . .

"support for this company at this difficult time" - kind of wording you get before an obituary!

"Our thoughts are with the bereaved at this harrowing . . . "

Okay, I get your drift. (crikey, now we're back to my Dad sailing into car ferries again . . .!!)

SubSea Resources PLC
07 December 2006

SubSea Resources PLC
(or the 'Company')

SUBSEA RESOURCES PLC - Revised notice of EGM



A copy of the circular convening an extraordinary general meeting referred to in
the announcement released on 24 November is available on the Company's website
at
www.subsearesources.com

SubSea Resources PLC
15 December 2006



SUBSEA RESOURCES PLC

(Registered in England and Wales with No. 5228335)

NOTICE OF POSTPONEMENT OF EGM


SubSea Resources plc (the 'Company') HEREBY GIVES NOTICE THAT the extraordinary
general meeting of the Company ('EGM') to be held on 18 December 2006 at 11.30
a.m. at 52 Bedford Row, London WC1R 4LR and convened by a Notice of EGM dated 23
November 2006 ('Notice') has been postponed until 20 December 2006 at 10.00 a.m.
The place of the Meeting remains at 52 Bedford Row London WC1R 4LR.

The Meeting is postponed to enable the Company to complete and release a
detailed announcement regarding its financial position prior to the Meeting. It
is anticipated that an announcement will be released on Monday 18 December 2006.

Any member entitled to attend and vote at the EGM convened by the Notice is
entitled to appoint one or more proxies to attend and, on a poll, to vote in his
place. A proxy need not be a member of the Company. Proxies which have been
received shall remain valid for the postponed Meeting. Any further proxies must
be deposited by 10.00 a.m. on 16 December 2006 at the offices of SubSea
Resources PLC, 3-40 St James's Place, London SW1A 1NS.

If two or more valid appointments of proxy are lodged with the Company in
respect of the same share(s) to use at the meeting and on the same poll, the one
which was executed last shall be treated as replacing and revoking the earlier.
If the Company is unable to determine which was executed last, none of them
shall be treated as valid.

By order of the Board

Dated: 15 December 2006

That's great news, as I would have been aboard a plane on Tuesday and might have missed the action!

Let's see if more than 8 shareholders turn out to this one :o)

GLU GLUG GLUG ...... GLUG GLUG GLUG

To much to post !

http://moneyam.uk-wire.com/cgi-bin/articles/200612181230081112O.html

18/12/2006 12:30pm



RESTORATION OF TRADING ON AIM



SUBSEA RESOURCES PLC



The trading on AIM for the under-mentioned securities was temporarily suspended.
The suspension is lifted from 18/12/2006 12:30pm, an announcement having been
made.




Ordinary Shares of 5p each (B03CKQ8)(GB00B03CKQ88)
fully paid


Warrants to Subscribe for Ordinary Shares (B03CKT1)(GB00B03CKT10)