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Ramona said..
The big problem we had in NSW and I'm sure its the same in other states is the advertising from the government telling everyone there old 121.5Mhz Epirb will not be effective from a certain date. They lied. Even the new GPS Epirb utilizes 121.5Mhz for homing in. As far as I am aware 121.5MHZ is still one of the emergency frequencies. As soon as you set it off, any commercial A/C with in line of sight will acquire the signal and act upon it.
About 18 months ago mate of mine was recovering his set line off the coast here. Helicopter appeared off his stern with a crewman hanging out the door pointing to the phone number on the side. He rang them and assured them he did not need rescuing! Apparently on the way out in the rough conditions he fell upon his old 121.5 Epirb and set it off. In this case the delay in the rescue was about an hour. He has since updated the Epirb for survey.
Ramona, my understanding is that the satellites are no longer picking up the signal therefore AMSA is not capable of monitoring 121.5Mhz anymore. So 121.5 is reliant on overflying aircraft. It use to be regulations for only oceanic aircraft to monitor 121.5 (might still be) but there is a lot of ocean not covered by commercial flight routes.
A commercial aircraft would only be able to detect a signal and notify ATC if it was getting weaker or stronger indicating whether they were flying away from or towards a beacon. They may be asked to intiate a search but aren't obliged to as they normally run on min fuel requirements.
New GPSs in the scheme of boating are dirt cheap. Yes an 'old' GPS is better then nothing, but there really is no excuse in not having a 'new' 406 GPS these days.
Briefly back on topic, I've watched this movie now and it reminds me of the movie Phone Booth. An hour and a half of dribble. I did find it somewhat thought provoking in what I would do in similar situations.