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 8 years ago

I'm an optimist like Bill O'B and agree that the 10Q signals a new and hopeful path. The problems are all due to lack of cash liquidity.. The middle east banks are no longer hemorraging cash and the job got much more difficult... different from the Qatar days.

That being said, the old guy is getting older.. as we all are, including Frank. It's a longer term investment than we originally thought.. but the payoff remains impressive as long as Frank fights for the Omagine stockholders. I think this is the essence of the delay. Like the Donald, Frank will fight for the best deal he can get given that, in the end, he needs to trade equity for cash.