Business
Odyssey Marine Exploration Reports Second Quarter 2021 Results
TAMPA, Fla.--(BUSINESS WIRE)-- Odyssey Marine Exploration, Inc. (NASDAQ:OMEX), a deep-ocean exploration pioneer engaged in the discovery, validation and
About this update from Odyssey Marine Exploration, Inc.
[{"type":"text","content":" TAMPA, Fla.--(BUSINESS WIRE)--\nOdyssey Marine Exploration, Inc. (NASDAQ:OMEX), a deep-ocean exploration pioneer engaged in the discovery, validation and development of subsea mineral deposits in a socially and environmentally responsible manner, reported results for the second quarter ended June 30, 2021, and provided an update on current projects and future plans.\n\n“The second quarter of the year has been very productive from a research, planning and strategy standpoint. During the quarter, Odyssey made progress on all fronts of its mineral exploration portfolio,” said Mark Gordon, Odyssey CEO and Chairman of the Board.\n\n“We continue to work with the CIC Consortium on a project in the Pacific Ocean. CIC, with extensive support from Odyssey’s team, submitted a proposal for an Exploration License late last year. We are excited to be a part of CIC’s bid for this important project.\n\n“In Papua New Guinea (PNG), after months of delay caused by the COVID-19 pandemic, we made progress on the LIHIR Subsea Gold project, where Odyssey owns a 79.9% stake. On August 5, 2021, we received a multi-year Exploration License renewal from the Mineral Resource Authority (MRA) of PNG. We appreciate the support of the MRA and look forward to working with the PNG government within their regulations and fulfilling our steadfast commitments to transparency and excellent community relations. Importantly, we expect to commence offshore operations for the exploration program by year-end pending any further delays caused by the pandemic.”\n\n“In June, we filed our Reply to Mexico’s Counter Memorial in our North American Free Trade Agreement (NAFTA) case seeking damages for Mexico’s illegal denial of an environmental permit for the ExO Phosphate Project. Importantly, we secured additional legal funding to pursue the NAFTA case through the anticipated January 2022 hearing. The additional funding affords us the opportunity to, among other things, add further experience and expertise to our team.\n\n“Finally, the addition of Christopher Jones as our CFO has positioned us to execute on company and project plans to drive increased stockholder value. When considering the potential and projected combined enterprise value of our mineral projects, we firmly believe this value is not reflected in the market value of our common stock. With Chris at the financia...