It's all good, Bouncy and Dave. I habitually check the Doctor Who News page every day, and I saw the item long before I logged on today.
Apparently the second episode of
The Underwater Menace isn't complete. They'll need to restore the footage from that found in the Aussie censor clips.
But it's bloody exciting. I can't wait to watch the recovered episodes, especially the one from
Galaxy 4. Up until now, all they have from the story is about six minutes from the first episode,
Four Hundred Dawns, although that is probably the largest amount of clips from any single missing episode (missing episodes are lucky if they have about a minute of surviving footage). Maybe 10 seconds from an offscreen 8mm recording from the beginning of the episode, and about 6 minutes of footage, some of which was used in the 1977 doco
The Lively Arts: Whose Doctor Who.
The censor clips that were originally all that existed from
The Underwater Menace, episode 2 is about 20 seconds' worth, mostly from the start when Polly is being prepared for her operation.
Actually, if either of you are interested in the clips available from currently missing episodes, there's a pretty good website here:
http://dwclips.steve-p.org/