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

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)

but still no reason to buy! ..... in fact, far more likely that sellers will predominate as they try to liquidate what is left of their investment

I tend to agree, interesting to see what happens over the next few months !

if they survive that long! ...... not sure which is the safer to short; SUB or BFC? ...... have already acted on BFC!!

SUB is a definite SELL down to 5p.

very very low volume ...... may imply most sellers have already abandoned ship, and with a 15% spread you need a big move just to break even

Abandon shop, abandon shop

This is not a daffodil........

agreed, but as above, not sure there is sufficient to make it worthwhile to short

SubSea Resources PLC
19 December 2006

THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR PUBLICATION,
RELEASE OR DISTRIBUTION IN OR INTO AUSTRALIA, CANADA, JAPAN, SOUTH AFRICA OR THE
UNITED STATES



SubSea Resources PLC ('SubSea' or the 'Company')



Result of Placing



19 December 2006, SubSea announces that, further to the announcement notified to
the market yesterday, a total of 78,512,000 ordinary shares of 5p each ('Placing
Shares') have been successfully placed at a price of 10 pence per Placing Share,
raising approximately 7,851,200 before expenses.



The Placing Shares will be issued credited as fully paid and will rank pari
passu in all respects with SubSea's existing ordinary shares, including the
right to receive all future dividends and other distributions declared, made or
paid after the date of issue of the Placing Shares.



Application will be made for admission of the Placing Shares to trading on the
AIM Market of the London Stock Exchange ('Admission'). It is expected that
Admission will become effective and dealings in the Placing Shares will commence
at 8.00 a.m. on 21 December 2006.



The Placing is conditional, inter alia, upon shareholder approval at the EGM (to
be held 20 December 2006), Admission becoming effective on 21 December 2006 (or
such later date as Canaccord Adams Limited and SubSea may agree, this being no
later than 12 January 2007) and on no force majeure event having occurred before
Admission.



Enquiries:


Contacts:

Buy or sell, its good to see them back.

probably not for long!

Well, I for one have stuck my neck out on this. Checked the SP at Fleet Services on the M3 while travelling down from Heathrow to find that a late surge in buying had pushed the SP up to:

SUB Bid: 13p Offer: 14p Change: 1.75

and got in at 13.9p.