Omagine

Company has signed a Development Agreement with the Government of the Sultanate of Oman. Omagine Owns 60%; Sultanate Owns 25%; Consolidated Contractors Owns 15%. Project to be developed on 245 acres of beach front land on Gulf of Oman. The estimated cost approximately $2.5 Billion. BNP Paribas To Lead Construction Financing Syndicate.

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in response to edison's message

I tend to agree that it maybe slightly premature - perhaps with the various false starts it will take the auditors clarification of what can be accounted in the balance-sheets with respect to the land to nail the price - At the moment it is down to management's view which we support & believe but this has to be reconciled by auditors -

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jst

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