Odyssey Marine Exploration Provides Update
November 30 2006 - 9:01AM
Business Wire
Odyssey Marine Exploration Inc. (AMEX: OMR), a leader in the field
of deep-ocean shipwreck exploration, provided an operations update
today. Odyssey's primary marine operations focus during the summer
and early fall of 2006 was the survey, mapping and inspection of
seven �Tripoli� search blocks in the Company�s �Atlas� shipwreck
search project. These search blocks overlapped with other "Atlas"
targets, but were designed to completely cover the area believed to
hold the target shipwreck code-named "Tripoli." The Company has
completed the side-scan survey phase of the seven blocks and has
nine remaining anomalies that require further inspection with a
remotely operated vehicle (ROV). The Company�s new vessel has
achieved its scheduled 2006 objectives in the �Atlas/Tripoli�
search area and is currently in port completing minor repairs
needed to meet Class requirements. The ship is scheduled to depart
for new projects shortly. The Odyssey Explorer has completed
planned dry dock inspection, maintenance and repairs, but is
scheduled to remain in port until mid-December to complete projects
necessary for five-year inspection requirements. The Odyssey
Explorer is then scheduled to inspect the nine new targets which
were located during the last phase of operations in the
�Atlas/Tripoli� search area, before sailing to the Mediterranean to
begin operations there. While the weather during the upcoming weeks
will be marginal at best, those targets will only require between
two and three days of operations. The Company has three projects in
the Mediterranean on its winter/spring operations schedule,
including HMS Sussex. About the �Atlas� Project The "Atlas" project
is believed to be the most extensive shipwreck search operation
ever launched. A minimum of five high-value shipwrecks are believed
to be in the search area, which encompasses more than 5,000 square
miles. Odyssey began search operations during the 2005 season and
resumed operations in April 2006. During the 2006 season, work was
concentrated in the seven search block areas which encompass the
�Atlas� target of highest value, code-named �Tripoli.� During 2005,
much of the area was searched with high-resolution side-scan sonar.
During 2006, a second pass was completed which included acoustic
and magnetometer data-streams which helped Odyssey create a larger
database of information. Overlaying all three layers provided an
extremely precise, high-resolution map of the 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 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. Following is a summary of the operations
conducted in the "Atlas/Tripoli" search area: Anomalies detected:
1,873 Anomalies selected for further inspections: 1,017 Anomalies
remaining to be inspected with an ROV: 9 Shipwrecks located: 161
Modern/20th Century Shipwrecks: 124 19th Century Shipwrecks: 25
17th - 18th Century Shipwrecks: 12 Odyssey filed an Admiralty
arrest in the U.S. District Court for the Middle District of
Florida in September. On October 30, 2006, the U.S. District Court
granted the Company's Motion for Preliminary Injunction appointing
Odyssey as the exclusive finder-in-possession of the shipwrecked
vessel, and prohibiting any interference with Odyssey's intended
excavation of the site, which is believed to be the remains of a
17th century merchant vessel 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 of the shipwreck. About 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 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 at 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. 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. Odyssey is working closely with the offices of the
Embassy of the United Kingdom and the United Kingdom's Ministry of
Defence to address the final Andaluc�an issues relating to site
mapping, positional information, and formalization of the
submission plan through the project archaeologists. The Company
anticipates these issues will be resolved before the end of the
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, Odyssey believes the results will translate to
goodwill between all parties and serve to provide a platform for
future cooperation in underwater exploration and management of
deep-ocean cultural heritage. In other news, Odyssey has received $
1,153,000 as the complete insurance settlement on the Company�s
claim for damages and business interruption incurred by Odyssey�s
Shipwreck & Treasure Adventure in New Orleans due to Hurricane
Katrina in August 2005. In addition, on November 22, 2006, the
Company raised $1.5 Million through the issuance of 500,000 shares
of common stock. Management believes this additional cash, cash
flow from operations, and the potential exercise of warrants or
other financing activities will be sufficient to meet the Company�s
financial requirements for the planned winter and spring operating
seasons. About Odyssey Marine Exploration Odyssey Marine
Exploration is an American Stock Exchange Company (OMR) 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. For additional information, please
contact Laura Lionetti Barton at 813-876-1776 ext 2562. 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 an operations update
today. Odyssey's primary marine operations focus during the summer
and early fall of 2006 was the survey, mapping and inspection of
seven "Tripoli" search blocks in the Company's "Atlas" shipwreck
search project. These search blocks overlapped with other "Atlas"
targets, but were designed to completely cover the area believed to
hold the target shipwreck code-named "Tripoli." The Company has
completed the side-scan survey phase of the seven blocks and has
nine remaining anomalies that require further inspection with a
remotely operated vehicle (ROV). The Company's new vessel has
achieved its scheduled 2006 objectives in the "Atlas/Tripoli"
search area and is currently in port completing minor repairs
needed to meet Class requirements. The ship is scheduled to depart
for new projects shortly. The Odyssey Explorer has completed
planned dry dock inspection, maintenance and repairs, but is
scheduled to remain in port until mid-December to complete projects
necessary for five-year inspection requirements. The Odyssey
Explorer is then scheduled to inspect the nine new targets which
were located during the last phase of operations in the
"Atlas/Tripoli" search area, before sailing to the Mediterranean to
begin operations there. While the weather during the upcoming weeks
will be marginal at best, those targets will only require between
two and three days of operations. The Company has three projects in
the Mediterranean on its winter/spring operations schedule,
including HMS Sussex. About the "Atlas" Project The "Atlas" project
is believed to be the most extensive shipwreck search operation
ever launched. A minimum of five high-value shipwrecks are believed
to be in the search area, which encompasses more than 5,000 square
miles. Odyssey began search operations during the 2005 season and
resumed operations in April 2006. During the 2006 season, work was
concentrated in the seven search block areas which encompass the
"Atlas" target of highest value, code-named "Tripoli." During 2005,
much of the area was searched with high-resolution side-scan sonar.
During 2006, a second pass was completed which included acoustic
and magnetometer data-streams which helped Odyssey create a larger
database of information. Overlaying all three layers provided an
extremely precise, high-resolution map of the 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 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. Following is a summary of the operations
conducted in the "Atlas/Tripoli" search area: -- Anomalies
detected: 1,873 -- Anomalies selected for further inspections:
1,017 -- Anomalies remaining to be inspected with an ROV: 9 --
Shipwrecks located: 161 -- Modern/20th Century Shipwrecks: 124 --
19th Century Shipwrecks: 25 -- 17th - 18th Century Shipwrecks: 12
Odyssey filed an Admiralty arrest in the U.S. District Court for
the Middle District of Florida in September. On October 30, 2006,
the U.S. District Court granted the Company's Motion for
Preliminary Injunction appointing Odyssey as the exclusive
finder-in-possession of the shipwrecked vessel, and prohibiting any
interference with Odyssey's intended excavation of the site, which
is believed to be the remains of a 17th century merchant vessel
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
of the shipwreck. About 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 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 at
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. 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. Odyssey is working closely with the offices of the
Embassy of the United Kingdom and the United Kingdom's Ministry of
Defence to address the final Andalucian issues relating to site
mapping, positional information, and formalization of the
submission plan through the project archaeologists. The Company
anticipates these issues will be resolved before the end of the
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, Odyssey believes the results will translate to
goodwill between all parties and serve to provide a platform for
future cooperation in underwater exploration and management of
deep-ocean cultural heritage. In other news, Odyssey has received $
1,153,000 as the complete insurance settlement on the Company's
claim for damages and business interruption incurred by Odyssey's
Shipwreck & Treasure Adventure in New Orleans due to Hurricane
Katrina in August 2005. In addition, on November 22, 2006, the
Company raised $1.5 Million through the issuance of 500,000 shares
of common stock. Management believes this additional cash, cash
flow from operations, and the potential exercise of warrants or
other financing activities will be sufficient to meet the Company's
financial requirements for the planned winter and spring operating
seasons. About Odyssey Marine Exploration Odyssey Marine
Exploration is an American Stock Exchange Company (OMR) 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. For additional information, please
contact Laura Lionetti Barton at 813-876-1776 ext 2562. 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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