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: Land

Omagine

almost 9 years ago

in response to aland's message

ALAND, not sure how you draw this conclusion. The land doesn't lose it's value just because the minimum build hasn't been completed. That's like saying the land that a house contracted for sale is worthless until the house is built because it won't be paid for/closed until the house is built.

Keep in mind that in the last quarterly report, management went to great pains to detail how the value of the land would impact the book value of LLC and the consolidated book value of Omagine ... right after disclosing that they were in possession of PwC's draft report. It is highly unlikely that management would discuss book value impacts with that report in hand if the report didn't recommend booking the land as an asset.

This is, of course, conjecture on my part, but I can't see how management would make those comments in that fashion if my theory wasn't accurate. Especially in light of management's history of taking very conservative positions in terms of releasing information. They do not hype this company on conjecture.

Anyway, just a few thoughts on the subject. Have a good day!