Through research in Treece's library, they reconstruct the history of the lost treasure ship, locate a list of valuable items, including a gold pinecone filled with pearls, with the letters 'EF' engraved on it, and learn that it identifies Elisabeth Farnese, a noblewoman for whom they were made by the King of Spain. When they are attacked by sharks, Coffin only says that he probably fell asleep without noticing they were in trouble. Adam Coffin, the only survivor from Goliath, joins to help in the boat, but his loyalty is not very clear.

They also encounter a huge moray eel, which lurks inside the vessel, and was obviously the source of the attack on Gail earlier. Sanders, Berke and Treece make several dives to the wrecks, recovering thousands of morphine ampoules from Goliath and several additional artifacts from the Spanish wreck. Cloche gives him three days to recover them. Treece makes a deal with Cloche, so they can dive in peace and making him believe he will get the ampoules for a million dollars, while his real plan is to have the chance to find the treasure. Treece concludes that a recent storm has exposed her cargo of morphine and unearthed a much older wreck containing Spanish treasure. The wreck of the Goliath is considered dangerous and is posted as off-limits to divers due to the danger of explosions. The ampoule contains medicinal morphine from the Goliath, a ship that sank during World War II with a cargo of munitions and medical supplies. The ampoule is noticed by the man who had rented diving equipment to Sanders and Berke, which in turn attracts the attention of Henri 'Cloche' Bondurant, a local drug kingpin for whom the shop owner works, who unsuccessfully tries to buy the ampoule and then begins to terrorise the couple with black magic. Sanders and Berke seek the advice of lighthouse-keeper and treasure-hunter Romer Treece on the origin of the medallion he identifies the item as Spanish and takes an interest in the young couple. Gail is attacked while probing a crevice in the wreck, and in panic escapes by getting loose from her wooden baton, which is shown to have its end shredded. While scuba-diving near shipwrecks off Bermuda, vacationing couple David Sanders and Gail Berke recover a number of artifacts, including an ampoule of amber-coloured liquid and a medallion bearing the image of a woman and the letters 'S.C.O.P.N.' (meaning 'Santa Clara, ora pro nobis', for ' Saint Clara, pray for us') and a date, 1714.

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