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: Waypoints

Omagine

over 9 years ago

in response to oiler85's message

Do not want to sound very negative, but I really cannot see how anyone in his right mind (apart from true believers like ourselves) can even consider paying more than couple of $ per share for the company developing a $2.5bn project we know very little about. We know it is going to be great, amazing and so on, for sure, but if it is going to be financially sound investment, is another issue. Owning ‘certain rights’ for the land it is supposed to be built on, is surely great, but not extremely significant at this point of time.

That is the reason the new (or updated) feasibility study will have to be produced as soon, and as quickly as possible. Until we get facts and figures based on it, as well as on the current economic situation, nothing significant will happen on the share value front.

I am still waiting to be proved wrong (‘Another Point Of View’).........

Omagine needs urgent cash injection, and I think it is really shame the partnership with CCC is not a bit more flexible. It should allow Omagine to get at least some part of that Deferred Cash Investment prior to signing of the contract. CCC are supposed to be partners after all...