Hi Jeff,

Thanks a lot for your very thorough explanation. You knowledge of every single contract detail is very impressive! All you said makes a lot of sense, and I hope things will work exactly the way you suggested.

However, there is still a fact that in order to ‘raise initial financing’, a new financing is needed to employ ‘one or a combination of consultants’ to ‘perform a full third-party financial feasibility assessment’. The cost of that, I presume, will depend on potential investors, and for the project worth $2.5bn could be phenomenal. Some investors would like to see very detailed (updated) figures based on very detailed (updated) plans, some not. This is, more or less, what I am talking about. I hope the management will initially manage to get away with a simple appraisal! Fingers crossed.

I can still bet that starting with the Phase One Activities (Project Development), will move stock price much more than any additional agreement you mentioned.

(And it is simply because the Market needs reassurance that Management is committed, and prepared to spend some significant amount of money to get the things moving).

Wow,

I did not expect such a quick, and at the same time such a comprehensive answer. Thanks a lot.

I am pleased the company has Plan B, and Plan C if needed.

I was referring to the most logical funding for the ‘Phase One Activities’ (my Milestone No2 - Beginning of the Project Development), and that was the release of the Deferred Cash Investment. You confirmed that not only the Contract is required, but the financing for the Phase One will have to be in place in order to get that money.

We are than going back to the same (or similar) Catch 22. I may be wrong and naive (most likely I am), but I still cannot see how anybody (even our partners) can sign any meaningful contract, or secure financing for the project with facts and figures almost 10 years old (remember $1.4bn estimated cost), hence the need for the start of ‘Phase One Activities’ (Project Development), hence the need for financing it .....

I hope the Land Evaluation can help.

So, I am still sticking to my milestones: 1- DA, 2- Project Development, 3- Construction Process, and am quite sure the stock price will reflect that.

By the way, my figures of $10.00 and $25.00,(not £25.00-typing mistake), are not based on my knowledge of stock market, but are the most common figures mentioned in relation to this project.

Happy Birthday Frank

May I offer a different (fairly amateurish) analysis. I will be pleased if anyone bothers to read it, and explain why am I so terribly wrong.

MILESTONES

In my view there are only three milestones

1. Signing of the ‘DA’ proved Government commitment, and with that completed, the ball is definitely in Management court. All other agreements are apparently formal.

2. Beginning of the Project Development will prove Management is committed. In order to secure investment, Design must be completed, and the figures must stuck-up. At the moment, as far as we know, there is only a Feasibility Study, completed almost 10 years ago, with the cost of around $1.4bn attached!?

3. Beginning of the Construction Process will prove the funding is in place, and the Omagine is really going to be developed.

CATCH 22

In order to start with the Project Development, Omagine needs to get that $69,233,125 of Deferred Cash Investment....

...In order to get that investment, the Contract with CCC will have to be signed...

...In order to produce a meaningful Contract, Design and Financial part of the Project Development will have to be completed....

...In order to start with the Project Development, Omagine needs ............................

It is not going to be easy (unless there is someone else to invest in the Project Development), but I believe once when this conundrum is resolved everything is going to be Hunky-dory

BET

I do not know much about stock market, but I will bet anybody that at the moment the Design starts, stock price will top $10.00. At the moment the construction starts it will top £25.00.

....Regardless of Oil Prices, health of the Sultan, Proximity of Yemen, Usufruct Agreement, and even the Land Valuation.

Go Frank, go....