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: Q3 Filing Date

Omagine

almost 9 years ago

in response to AltonG's message

Alton I think some are taking advantage of the runup into the news and taking the opportunity to lighten the load or exit all together. Given the uncertainity in the market and the recent terrorist strike, it has shaken the tree of a few weak hands. Plus, according to past history, after any good news the stock sells off. I also think some are tired of waiting and as Beachmaster has stated, are worried that it still won't be realized in this upcoming quarter.

As for me I remain optimistic for the long term and never intended this to be a flash in the pan, quick trade. However, the market is changing and more and more are trading the market, instead of investing longer term. The current market favors the trading philosphy, given the hedging option that so many are now into to protect against any downside. I think it will stay that way at least for the next year, but that is just my educated guess.

We have a long way to go yet with this project and there are sure to be many ups and downs along the way. Cheers!