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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Re: Can someone explain, please!

Omagine

over 9 years ago

in response to AltonG's message

Thanks for your response Alton.

I just wanted to see what the 'Ordinary' shareholders think about the issue.

As previously stated, I think that after signing of the DA the ball is definitely in Management court. They have to put their act together, show ability and determination to deal with such a large project, its financial conundrums, and start with the 'Fast Track Development' strategy immediately. I am hoping (maybe naively) they will be able to renegotiate some parts of 'Shareholders Agreement' with CCC, instead of raising additional money.

Nothing will boost confidence of shareholders, Omani Government and banks as enthusiastic and efficient approach to the 'Initial Design Work'. If we are to wait for additional 12months for ratification of all Financial and other agreements, the whole enterprise is doomed, regardless of Usufruct Agreement and Land Valuation.

I would really like to be wrong on this!