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V1 is the valve on the Compressed Air Tank.
V2 I will call the Exhaust Valve.
V3 I will call the Intake Valve.

Sub is balanced to float about 60% in the water with no air pressure within the BT itself (probably air pressure at sea level 1 atm). I am guessing that opening V2 will have no effect currently. All BT valves are closed.
V1 Closed
V2 Closed
V3 Open

Sub will balance the water pressure coming into the BT with the air pressure within. Result I believe is a balance just below the surface.
V1 Closed
V2 Open
V3 Open

Sub will continue to sink until V2 or V3 is closed.
V1 Closed
V2 Closed
V3 Open

I closed V2 here to stop the sub decent. The reason for closing V2 is to allow the compressed air to push the water out V3.
V1 Open
V2 Closed
V3 Open

Compressed air tank will push out the water from within the BT and cause the sub to rise.
 
I presume to stop ascent, close V1 open V2 until ascent stops then close V2.
The problem I have with this is it seems you loose air each time to ascend and stop ascent.
Have I got this misunderstood?

Email to xsir@altavista.net