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

you never know Cynic may "DIVE " in and buy a few !! :))

Good to see some trading today

if the bars weren't so damn deep could be persuaded into a rubber suit (lol!!!)

Cynic, the thought of you in a rubber suit has put me right off me dinner !!

I would think that this is more Cynic's style !! So finish your dinner ST ; )

prefer a gimp mask

We will have to meet up Cynic, @ 7 pm in the Railway inn
I'll be in a white suit in the corner holding a can of slim fast!
Bring the gimp mask! ( lol )

Is that a suicide note around his neck ;-)

on the move !!!

it's been a while eh Smiler? let's hope the trend is up for a while....

Bu**er, just topped up at 8.5p, straight down the pan..doh!

Don't panic Canada. Wait until we find out why there has been a trade volume of over 2.5 million so far this morning.

Smiler, I bet you're really smiling, having got in at 5p!

Current SP: SUB Bid: 7.5p Offer: 8.5p Change: 3

I'm about 47% down . . . .

The reason for the rise may be linked to the imminent relaunch of the 'John Lethbridge'.

just a theory. Would be nice if they can find a recovery boat too.

Stop showing off soul traders, only 47% down, pah!!, I'm still in from 38p, 26p, 14p.

Chuckle; sorry, Can, didn't realise I was rubbing it in there!

Apology accepted, the moral of the story is, don't have "fun punt's" on boring days.

Agreed; I have come to the conclusion that I'm dangerous when I get bored. It's best then to put me in my playpen with a box of Sticklebricks.

Kin'ell, that made me laugh, I'd better get one as well!

SubSea Resources PLC
28 March 2007


SubSea Resources plc.
(AIM: SUB)
28 March 2007


DISCLOSURE OF INTERESTS IN SHARES

SubSea Resources plc ('the Company') announces that it received notification on
23 March 2007 that Fidelity International Limited is indirectly interested in
857,375 Ordinary Shares of 5p each in the capital of the Company representing
0.41 per. cent. of the Company's issued share capital. The notification states
that Fidelity International Limited acts as nominee for Brown Bros Harriman Ltd
Lux.

SubSea Resources plc ('the Company') announces that it received notification on
20 March 2007 that RAB Special Situations (Master) Fund Limited is indirectly
interested in 29,090,000 Ordinary Shares of 5p each in the capital of the
Company representing 13.84 per. cent. of the Company's issued share capital.
The notification states that RAB Capital Plc acts as investment manager for RAB
Special Situations (Master) Fund Limited. RAB Capital Plc does not act as
custodian for its clients and therefore the shares are held in the name of the
custodian of its clients, which is Credit Suisse Client Nominees (UK) Limited.



ENDS

I too read the RNS - but rather than post it verbatum..... "what does it mean" ...to us Punters?.....does it really mean that SUB is alive and well, - or is this a dead-cat bounce opportunity?
I have been surprised at the speed SUB has gone under - it was flying high not that long ago, before Exec incompetance overcame the hope-value.
This is not one I've held, being "too high" when I first noticed it.