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 AltonG's message

Alton, I agree with your assessment, which to me means that the land is not a very liquid assest, since an investor group would have to view this enterprise as viable. I'm thinking that for such a situation to arise we would ( I still have a few shares ) have had to fail to obtain financing. In that case we would not have much to no leverage to negotiate with a group to buy out the company. I know this sounds pessimistic and perhaps to some disloyal. However, I have been very concerned that we are in Qatar seeking financing and not Oman. I would like very much for there to be promising news in order to jump back into the company. I still have a strong emtional bond after probably over ten years of participation. While I have risked an accumulated $75,000- $80,000 over that period, I know that is a paltry sum compared to management's investment. I also know that I have always been poised to benefit from their vision, money, sweat and tears. I believe that the outcome at this time is subject to circumstances beyond management's control. Should this enterprise not succeed it will not be as a result of management's role.

Thank again,