Investor Relations - RNS Announcements

Company : SubSea Resources PLC
TIDM : SUB
Headline : Notice of Intention to Appoint Administrator
Released : 11:23 09-Apr-08
Number : 9671R

Wednesday 9th April 2008

SubSea Resources PLC

('SubSea' or 'the Company')

Notice of Intention to Appoint an Administrator

On 4 March 2008 the Board announced that "it has requested the suspension of its ordinary shares and warrants from trading on AIM pending clarification of its financial position". The Board further announced inter alia its "decision to seek to secure the sale of the assets and business of the Company and the appointment of Kroll as sale agent". The Board also noted that " .there can be no assurance that such a sale will actually complete or that, if it does, after repayment of all monies due to the Bondholder, the Company will be able to continue to trade."

Having reviewed the current status of the sale process, the Board has considered the options available to it and has concluded that no viable option is available to meet the Company's cash needs in the short term. Consequently, the Company has today instructed its lawyers to file a notice of intention to appoint administrators over the Company.

A further announcement will be made in due course as appropriate.

Enquiries:

END