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 as asset

Omagine

over 8 years ago

in response to alfederici's message

Al, good question and glad that they answered it so swiftly. I've thought about this a lot, which doesn't necessarily mean much, and I suppose if Omagine were unable to fulfill it's obligations under the DA, I would think the company could be sold to an investor group (essentially buying us out) who would institute whatever changes were needed in order to fulfill the obligations under the DA. But I imagine the DA would have to be renegotiated?

Much conjecture on my part. But it seems to me there is real value here, regardless.

In the mean time, we continue to wait for a conclusion on the loan and the CCC contract, both of which should have been done some time ago. Should be announced any time now. If it were falling through, management would have advised us as they always take a conservative approach and release news as it develops. Good or bad.