Odyssey Marine Exploration Provides Operations Update; UK Approves Sussex Phase 1A Work Preliminary Exploration of Additional S
March 06 2006 - 9:43AM
Business Wire
Odyssey Marine Exploration Inc. (AMEX:OMR), a leader in the field
of deep-ocean shipwreck exploration, provided an operations update
today. The report recently submitted to Her Majesty's Government
(HMG), which detailed the work completed by Odyssey to satisfy
Phase 1A requirements of the Sussex project plan, has been reviewed
by the United Kingdom's Ministry of Defence (MoD) and the Sussex
Archaeological Executive committee. HMG notified Odyssey that the
work detailed in the report met or exceeded all requirements of
Phase 1A of the Sussex Project plan and Odyssey is now authorized
to proceed to complete Phase 1B of the project. (A public version
of the project plan is available for viewing at
(http://www.shipwreck.net.) Odyssey's archaeological team also
recently completed a report that will be submitted to HMG detailing
work completed during the month of January that includes portions
of Phase 1B. During meetings held last month in Spain with the
Spanish government, the Junta de Andalucia, and the Government of
the United Kingdom, Odyssey agreed to re-submit an archaeological
project plan pursuant to specific requirements requested by Spanish
authorities to move the project forward. This plan, which would
include collaboration with Spanish archaeologists, is currently
being prepared and the Company expects to deliver it to the
appropriate authorities in early March 2006. "We understand the
geographic and political sensitivities surrounding this project and
we're willing to go to great efforts to show our willingness to
work in a cooperative fashion with all governments involved," said
Greg Stemm, Odyssey co-founder, after meetings in London and
Madrid. "Both Odyssey and HMG have been assured by the Andalucian
and Spanish central government authorities that they will
expeditiously examine the archaeological project when it is
re-submitted in order to allow Odyssey to proceed with the
operation in a collaborative manner." While working towards a
resolution of issues relating to the Sussex project, Odyssey's 251'
deep-ocean archaeological platform, the Odyssey Explorer, has been
deployed to other shipwreck sites in the Mediterranean as part of
the Company's ongoing operational program to explore numerous other
valuable shipwrecks throughout the world. Work has been conducted
on two shipwreck sites, including completion of photomosaics and
preliminary surveys. Odyssey's research indicates that one of the
shipwrecks (code-named "Bristol") contains a cargo of gold specie.
The Company is currently analyzing the survey data and preparing a
recovery plan. It is anticipated that recovery operations on the
"Bristol" project will begin later in 2006, after completion of
other scheduled operations, including the Sussex and "Atlas"
projects. The Company's other research vessel, the US flagged RV
Odyssey, remains in Gibraltar to continue support of operations in
that area. About HMS Sussex HMS 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. 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 and methodologies, is
available at http://www.shipwreck.net. For additional information,
please contact John McNeilly, Odyssey's Manager of Corporate
Communications, at 813-876-1776 (ext. 2553). 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 10KSB for the year ended December 31, 2004,
which has been filed with the Securities and Exchange Commission.
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