SUB Subsea Res.

RNS Number:5319J
Canaccord Adams Limited
10 December 2007


                 DEALINGS BY CONNECTED EXEMPT PRINCIPAL TRADERS
           WITHOUT RECOGNISED INTERMEDIARY STATUS, OR WITH RI STATUS
                  BUT NOT DEALING IN A CLIENT-SERVING CAPACITY
                      (Rule 38.5(b) of the Takeover Code)

1. KEY INFORMATION

Name of exempt principal trader                               CANACCORD ADAMS
                                                              LIMITED

Company dealt in                                              SubSea Resources
                                                              plc

Class of relevant security to which the dealings being        ORD 1p
disclosed relate (Note 1)

Date of dealing                                               7 Dec 2007


2. INTERESTS, SHORT POSITIONS AND RIGHTS TO SUBSCRIBE

(a) Interests and short positions (following dealing) in the class of relevant
security dealt in (Note 2)

                                                      Long           Short
                                                 Number (%)       Number (%)
(1) Relevant securities                          149,392 0.04     0 0
(2) Derivatives (other than options)             0 0              0 0
(3) Options and agreements to purchase/sell      0 0              0 0
                                         Total   149,392 0.04     0 0

(b) Interests and short positions in relevant securities of the company, other
than the class dealt in (Note 2)

          Class of relevant security:                 Long          Short
                                                  Number (%)     Number (%)
(1) Relevant securities                           0 0            0 0
(2) Derivatives (other than options)              0 0            0 0
(3) Options and agreements to purchase/sell       0 0            0 0
                                          Total   0 0            0 0

(c)                Rights to subscribe (Note 2)

Class of relevant security:                                  Details
n/a                                                          n/a

3. DEALINGS (Note 3)

(a) Purchases and sales

Purchase/sale     Number of securities          Price per unit (Note 4)
NONE              Nil                           n/a

(b) Derivatives transactions (other than options)

Product      Long/short (Note   Number of securities (Note Price per unit (Note
name,        5)                 6)                         4)
e.g. CFD
n/a          n/a                n/a                        n/a


(c) Options transactions in respect of existing securities
(i) Writing, selling, purchasing or varying

Product  Writing,     Number of         Exercise   Type, e.g. Expiry   Option
name,    selling,     securities to                American,           money
         purchasing,  which the option             European
         varying      relates (Note 6)             etc.
         etc.
e.g.                                    price                 date     paid/
call                                                                   received
option                                                                 per unit
                                                                       (Note 4)

n/a      n/a          n/a               n/a        n/a        n/a      n/a

(ii) Exercising

Product name, e.g. call      Number of            Exercise price per unit (Note
option                       securities           4)
n/a                          n/a                  n/a

(d) Other dealings (including new securities) (Note 3)

Nature of transaction (Note 7) Details   Price per unit (if applicable) (Note 4)

n/a                            n/a       n/a


4. OTHER INFORMATION

Agreements, arrangements or understandings relating to options or derivatives

Full details of any agreement, arrangement or understanding between the person
disclosing and any other person relating to the voting rights of any relevant
securities under any option referred to on this form or relating to the voting
rights or future acquisition or disposal of any relevant securities to which any
derivative referred to on this form is referenced. If none, this should be
stated.

NONE

Is a Supplemental Form 38.5(b) attached? (Note 8) NO

Date of disclosure                                 10 Dec 2007

Contact name                                       Neil BOLTON

Telephone number                                   020 7050 6500

Name of offeree with which connected               SubSea Resources plc

Nature of connection (Note 9)                      Advisor


Notes

The Notes on Form 38.5(b) can be viewed on the Takeover Panel's website at
www.thetakeoverpanel.org.uk




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