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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Omagine

almost 9 years ago

My guess is that the accounting questions have been settled (probably favorably) and that they are in the throes of negotiating the CCC contract, which must be huge with a thousand details. Knowing Frank, he will take the time to get this right rather than risk problems down the road. Less likely is that there are financing problems due to falling oil prices. Even less likely is that the abdication of political influence in the ME by the US may have taken some of the allure off of investing in a US company.