I suppose the window has closed on the Connaught for this year, but I was reading through the registration (c'mon SEC....geez) and saw this. I like the last sentence. Maybe they considered that the Connaught might not happen this year. I always assumed it would but I suppose it's getting too late in the summer. This was filed 7/19.
Project “Black Marlin” – Current Status
In November 2013, Endurance LLC entered into a contract with the sovereign government of an island nation in the Indian Ocean. The contract provides us with a three-year period in which to operate within the territorial waters of the nation with full permission to survey for the location and recover the “Black Marlin” and her silver cargo. We are currently pursuing an option to extend the existing contract. Net proceeds of our recovery efforts, after payment of the costs to transport, store and insure any recovered items, will be split between us (75%) and the island government (25%). The Company needs additional working capital to undertake the search for the “Black Marlin.” There can be no assurances that the Company will be successful in securing additional working capital and therefore cannot represent it will ever be in position to search for, or recover the “Black Marlin.”
By selecting “Black Marlin” as our second project and since the “Black Marlin” was reported to have been lost within 12 nautical miles of land, it was necessary, in the ordinary course of our business, to seek permission of the coastal state to work in their territorial waters. We are not under any obligation to undertake this project and if, at any time, events in the area or our continuing research revealed a lost shipwreck that is a more logical choice to undertake as our second project, we will make that change in project priorities.
Project “Black Marlin” – Targets of Opportunity “Wahoo” and “Dolphin”
As part of discussions pertaining to project “Black Marlin,” we have learned of two shallow-water “targets of opportunity” within the same territorial waters as the “Black Marlin.” Believed to be English East Indiaman, these wrecks (code-named “Dolphin” and “Wahoo”) remain unidentified at this time. Until these wrecks are identified, it will not be possible to generate any estimate on the potential value, if any. We expect to begin operations on these wrecks in conjunction with the “Black Marlin” in 2016.
Have they gotten an extension?
Will the shallow wreck opportunities mentioned or the ones posted on Facebook be lower cost options if they can't get enough to fund the deeper water Black Marlin project?
Just wondering......
AI
