Replies to post #3516 on Endurance Exploration Group Inc (EXPL)

[hedge_fun]

I know they are waiting for the registration to become effective for the offering. But it's interesting they are looking at lower cost projects.

5 wrecks total is promising and may be more attractive to potential big money lenders than 2 deep water and more costly to salvage sites.

We'll see.

[hedge_fun]

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......

[hedge_fun]

Any thoughts on this joint venture?......Thanks

Effective January 9, 2017, Endurance Exploration Group, Inc. (“EXPL”) through a newly formed, wholly owned subsidiary, EXPL Great White, LLC, has entered into a joint-venture agreement (“Agreement”)) with Deep Blue Exploration, LLC, dba Marex (“Marex”), a company controlled by veteran salvor, Hebert (“Herbo”) Humphreys.

Pursuant to the Agreement, Marex has agreed to contribute to the joint venture certain shipwreck research files, sonar and other subsea survey data, navigational data, artifacts, and assistance relating to a number of shipwreck and suspected shipwreck targets located in international waters off the Southeast coast of the United States. EXPL has agreed to further survey and inspect the shipwreck and suspected shipwreck targets, and if deemed appropriate, take actions necessary to salvage the shipwreck targets.

The economic terms of the Agreement call for EXPL to provide the funding for the further inspection, salvage and operations of the joint venture. Any revenues from the JV will be split 90% first to EXPL and 10% to Marex until EXPL receives 2 times its costs and investments returned, and then a 50% split to both EXPL and Marex respectively.

The joint venture is expected to terminate in two years, unless extended by mutual agreement between the parties.

EXPL CEO, Micah J. Eldred, commented, “we are pleased to enter into this joint venture with Herbo Humphreys and his affiliated company, Marex. We look forward to further exploring the shipwreck and possible shipwreck targets already identified by Marex. We believe this joint venture will likely expand our portfolio of economically viable shipwreck salvage projects and we are enthusiastic about the joint venture’s potential for 2017 and 2018.”