Odyssey Marine Exploration Provides Operational Updates; Shares Down Near 5%

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Odyssey Marine Exploration, Inc. ( OMEX ) is down near 5% at $3.64, but above the day's low of $3.55. OMEX today provided an operational update on the three ships currently engaged in Odyssey projects.

The chartered vessel working on the SS Gairsoppa project, the Seabed Worker, will make a scheduled port call in Cork, Ireland, beginning August 15, 2012, and will then immediately return to the site to continue recovery operations.

OMEX said preliminary assay results, testing a sample of the silver already recovered and delivered, have been received, with results in-line with expectations. Two bars were also tested for gold content. As these bars registered between .030% and .040% gold, additional bars will be assayed and steps will be taken to recover the gold during the processing.

Regarding its Victory project, OMEX has concluded the archaeological pre-disturbance phases outlined in the Project Design which were to be completed prior to the recovery of artifacts. The Odyssey Explorer will be engaged in additional search and target inspection operations as a continuation of its "Atlas" project while awaiting instructions from the Maritime Heritage Foundation to proceed to the next phases of operations on the Victory site.

OMEX also announced that the Dorado Discovery has been moved to Ensenada, Mexico, to complete scheduled maintenance and upgrades prior to beginning its next project which is scheduled to commence in September.

OMEX trades in a 52-week range of $1.80 - $4.36. Shares have increased 38% in the last 12 months.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing , Commodities

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