Odyssey Marine Exploration Provides Operations Update
October 24 2006 - 9:07AM
Business Wire
Odyssey Marine Exploration Inc. (AMEX:OMR), a leader in the field
of deep-ocean shipwreck exploration, provided a marine operations
update today. The �Atlas� Project Odyssey�s primary operational
focus of summer and fall 2006 has been seven search blocks of
Odyssey�s �Atlas� project, which encompass the area believed to
contain the �Atlas� target of highest value, code-named �Tripoli�.
These search blocks overlapped with other �Atlas� targets, but were
designed to completely cover the area believed to hold the
�Tripoli.� The Company began search operations on the project
during the 2005 season, and resumed operations in April 2006.
During 2005, much of the area was searched with one pass with a
high-resolution side-scan sonar. During 2006, a second pass of the
area was completed which included acoustic (side-scan) data and
also a magnetometer datastream which helped the company create a
large database of both acoustic and magnetic information.
Overlaying all three layers provided an extremely high resolution
map of these seven search blocks. Once targets of interest were
logged, additional high-resolution imagery and magnetometer surveys
were utilized to further classify and map targets before Remotely
Operated Vehicles (ROVs) were deployed to visually inspect and
recover any artifacts deemed necessary for identification. During
the entire 2006 survey period, at least two ships were mobilized to
engage in this search operation, and during part of the summer,
three ships were utilized. After the side-scan mapping was
completed, Odyssey released the leased vessel employed during the
past two �Atlas� seasons and it has returned to its home port.
Following is a summary of the operations conducted in the "Tripoli"
search area: Anomalies detected 1,873 Anomalies selected for
further inspections 1,017 Shipwrecks located 161 Modern/20th
Century Shipwrecks 124 19th Century Shipwrecks 25 17th - 18th
Century Shipwrecks 12 More targets may yet be discovered during the
balance of this year�s search operations, as Odyssey continues
final target inspections and filling in gaps from the survey. These
activities are anticipated to be completed in this area during
November. These operations will also include photomosaics and
preliminary excavations of sites of interest. Odyssey filed a
shipwreck arrest in the U.S. District Court for the Middle District
of Florida in September. On October 11, the U.S. Magistrate
recommended that Odyssey�s Motion for Order Granting Preliminary
Injunctive Relief be granted, giving the company exclusive
Salvor-in-Possession status and prohibiting any interference with
Odyssey�s intended excavation of the site, believed to be a 17th
Century Merchant vessel which is located outside the territorial
waters of any country. However, until further ROV inspections and a
preliminary archaeological excavation are completed on the arrested
shipwreck site, the company is not prepared to confirm the identity
or potential value. The Odyssey Explorer is due in drydock the
first week of November for what is expected to be a relatively
short class inspection and re-fitting of ZEUS. During that time,
artifacts and data from the arrested site will be analyzed. The
Company may return to the site again after the drydock, depending
on the Sussex project schedule and weather conditions. �Thanks to
advances in technology and the continuing expertise of Odyssey�s
seasoned crews, we once again had another highly productive �Atlas�
search season. We completed mapping thousands of square miles of
ocean floor in a very difficult environment, allowing us to examine
scores of shipwreck sites. More importantly, we believe we�ve
located shipwrecks with characteristics similar to those on our
roster of targets,� said Greg Stemm, co-founder of Odyssey Marine.
The Sussex Project The Sussex was an 80-gun English warship lost in
a severe storm in the western Mediterranean in 1694. Research
suggests the Sussex was carrying a large cargo of coins when she
sank. Odyssey believes it has located the shipwreck of HMS Sussex
and has signed an exclusive partnering agreement with the legal
owner of the shipwreck, the Government of the United Kingdom, for
the archaeological excavation of the shipwreck. In late 2005 and
early 2006, Odyssey completed to the satisfaction of the Government
of the United Kingdom all work detailed in Phase 1A of the Sussex
archaeological project plan. The Company has also completed a
portion of Phase 1B. (A public version of the project plan is
available for viewing at http://www.shipwreck.net/sussexpp.html.)
The company temporarily halted operations on the project at the
request of the Spanish Ministry of Foreign Affairs while issues
relative to the archaeological plan for excavation of the site,
territorial and cultural resource management issues were
negotiated. In March 2006, Odyssey submitted an archaeological plan
to the Spanish Ministry of Foreign Affairs which addressed
questions raised by the Government of the Autonomous Region of
Andaluc�a in reference to the ongoing HMS Sussex project. As part
of this proposed plan, Odyssey agreed with the British Government
to undertake additional survey operations in the area and to
provide Spain with a detailed assessment of the region's underwater
cultural heritage in deep water, as well as assistance in
developing a plan for managing and protecting those resources. In
August, additional clarifications and a response to additional
questions were provided at a meeting in Seville arranged by the
Spanish Ministry of Foreign Affairs with representatives of the
Government of Andaluc�a through the offices of the Embassy of the
United Kingdom. As a result of that meeting, the outstanding
matters were narrowed to three issues relating to site mapping,
positional information and formalization of the submission of the
plan through the project archaeologists. Odyssey is working closely
with the offices of the Embassy of the United Kingdom and the
United Kingdom�s Ministry of Defence to address these final issues
and anticipates that they will be resolved in time to resume
operations later this year. Throughout the duration of this
complicated multi-national situation, the Spanish Ministry of
Foreign Affairs, the United Kingdom Foreign and Commonwealth Office
and Ministry of Defence, the United States Department of State and
representatives of the Autonomous Region of Andalucia have all
contributed resources and attention to solving a complex series of
issues relating to the Sussex project. While it has taken longer to
resolve these issues than anticipated, we believe that the results
will translate to goodwill between all the parties and serve to
provide a platform for future cooperation in underwater exploration
and management of deep ocean cultural heritage. About Odyssey
Marine Exploration Odyssey Marine Exploration is an American Stock
Exchange Company with several shipwreck projects in various stages
of development throughout the world. Additional information about
Odyssey, its projects, methodologies and technologies, is available
at www.shipwreck.net. In order to protect the identities of the
targets of planned search operations, Odyssey may not disclose
specific information relating to ship operations and search targets
until the Company has located the targeted shipwreck or shipwrecks
and determined a course of action to protect its property rights,
which may include recovery of artifacts and transport to an
appropriate jurisdiction. Odyssey Marine Exploration believes the
information set forth in this press release may include
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995, Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Act of
1934. Certain factors that could cause results to differ materially
from those projected in the forward-looking statements are set
forth in "Risk Factors," and "Business" in the Company's annual
report on Form 10-K for the year ended December 31, 2005, which has
been filed with the Securities and Exchange Commission. Odyssey
Marine Exploration Inc. (AMEX:OMR), a leader in the field of
deep-ocean shipwreck exploration, provided a marine operations
update today. The "Atlas" Project Odyssey's primary operational
focus of summer and fall 2006 has been seven search blocks of
Odyssey's "Atlas" project, which encompass the area believed to
contain the "Atlas" target of highest value, code-named "Tripoli".
These search blocks overlapped with other "Atlas" targets, but were
designed to completely cover the area believed to hold the
"Tripoli." The Company began search operations on the project
during the 2005 season, and resumed operations in April 2006.
During 2005, much of the area was searched with one pass with a
high-resolution side-scan sonar. During 2006, a second pass of the
area was completed which included acoustic (side-scan) data and
also a magnetometer datastream which helped the company create a
large database of both acoustic and magnetic information.
Overlaying all three layers provided an extremely high resolution
map of these seven search blocks. Once targets of interest were
logged, additional high-resolution imagery and magnetometer surveys
were utilized to further classify and map targets before Remotely
Operated Vehicles (ROVs) were deployed to visually inspect and
recover any artifacts deemed necessary for identification. During
the entire 2006 survey period, at least two ships were mobilized to
engage in this search operation, and during part of the summer,
three ships were utilized. After the side-scan mapping was
completed, Odyssey released the leased vessel employed during the
past two "Atlas" seasons and it has returned to its home port. -0-
*T Following is a summary of the operations conducted in the
"Tripoli" search area: Anomalies detected 1,873 Anomalies selected
for further inspections 1,017 Shipwrecks located 161 Modern/20th
Century Shipwrecks 124 19th Century Shipwrecks 25 17th - 18th
Century Shipwrecks 12 *T More targets may yet be discovered during
the balance of this year's search operations, as Odyssey continues
final target inspections and filling in gaps from the survey. These
activities are anticipated to be completed in this area during
November. These operations will also include photomosaics and
preliminary excavations of sites of interest. Odyssey filed a
shipwreck arrest in the U.S. District Court for the Middle District
of Florida in September. On October 11, the U.S. Magistrate
recommended that Odyssey's Motion for Order Granting Preliminary
Injunctive Relief be granted, giving the company exclusive
Salvor-in-Possession status and prohibiting any interference with
Odyssey's intended excavation of the site, believed to be a 17th
Century Merchant vessel which is located outside the territorial
waters of any country. However, until further ROV inspections and a
preliminary archaeological excavation are completed on the arrested
shipwreck site, the company is not prepared to confirm the identity
or potential value. The Odyssey Explorer is due in drydock the
first week of November for what is expected to be a relatively
short class inspection and re-fitting of ZEUS. During that time,
artifacts and data from the arrested site will be analyzed. The
Company may return to the site again after the drydock, depending
on the Sussex project schedule and weather conditions. "Thanks to
advances in technology and the continuing expertise of Odyssey's
seasoned crews, we once again had another highly productive "Atlas"
search season. We completed mapping thousands of square miles of
ocean floor in a very difficult environment, allowing us to examine
scores of shipwreck sites. More importantly, we believe we've
located shipwrecks with characteristics similar to those on our
roster of targets," said Greg Stemm, co-founder of Odyssey Marine.
The Sussex Project The Sussex was an 80-gun English warship lost in
a severe storm in the western Mediterranean in 1694. Research
suggests the Sussex was carrying a large cargo of coins when she
sank. Odyssey believes it has located the shipwreck of HMS Sussex
and has signed an exclusive partnering agreement with the legal
owner of the shipwreck, the Government of the United Kingdom, for
the archaeological excavation of the shipwreck. In late 2005 and
early 2006, Odyssey completed to the satisfaction of the Government
of the United Kingdom all work detailed in Phase 1A of the Sussex
archaeological project plan. The Company has also completed a
portion of Phase 1B. (A public version of the project plan is
available for viewing at http://www.shipwreck.net/sussexpp.html.)
The company temporarily halted operations on the project at the
request of the Spanish Ministry of Foreign Affairs while issues
relative to the archaeological plan for excavation of the site,
territorial and cultural resource management issues were
negotiated. In March 2006, Odyssey submitted an archaeological plan
to the Spanish Ministry of Foreign Affairs which addressed
questions raised by the Government of the Autonomous Region of
Andalucia in reference to the ongoing HMS Sussex project. As part
of this proposed plan, Odyssey agreed with the British Government
to undertake additional survey operations in the area and to
provide Spain with a detailed assessment of the region's underwater
cultural heritage in deep water, as well as assistance in
developing a plan for managing and protecting those resources. In
August, additional clarifications and a response to additional
questions were provided at a meeting in Seville arranged by the
Spanish Ministry of Foreign Affairs with representatives of the
Government of Andalucia through the offices of the Embassy of the
United Kingdom. As a result of that meeting, the outstanding
matters were narrowed to three issues relating to site mapping,
positional information and formalization of the submission of the
plan through the project archaeologists. Odyssey is working closely
with the offices of the Embassy of the United Kingdom and the
United Kingdom's Ministry of Defence to address these final issues
and anticipates that they will be resolved in time to resume
operations later this year. Throughout the duration of this
complicated multi-national situation, the Spanish Ministry of
Foreign Affairs, the United Kingdom Foreign and Commonwealth Office
and Ministry of Defence, the United States Department of State and
representatives of the Autonomous Region of Andalucia have all
contributed resources and attention to solving a complex series of
issues relating to the Sussex project. While it has taken longer to
resolve these issues than anticipated, we believe that the results
will translate to goodwill between all the parties and serve to
provide a platform for future cooperation in underwater exploration
and management of deep ocean cultural heritage. About Odyssey
Marine Exploration Odyssey Marine Exploration is an American Stock
Exchange Company with several shipwreck projects in various stages
of development throughout the world. Additional information about
Odyssey, its projects, methodologies and technologies, is available
at www.shipwreck.net. In order to protect the identities of the
targets of planned search operations, Odyssey may not disclose
specific information relating to ship operations and search targets
until the Company has located the targeted shipwreck or shipwrecks
and determined a course of action to protect its property rights,
which may include recovery of artifacts and transport to an
appropriate jurisdiction. Odyssey Marine Exploration believes the
information set forth in this press release may include
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995, Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Act of
1934. Certain factors that could cause results to differ materially
from those projected in the forward-looking statements are set
forth in "Risk Factors," and "Business" in the Company's annual
report on Form 10-K for the year ended December 31, 2005, which has
been filed with the Securities and Exchange Commission.
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