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My prior post was not correct. Here is the correct reference to $500 miliion. Sorry for the confusion. Stil tremendous upside in this stock.
[[color=red]i]As noted herein, costs and selling prices remain somewhat volatile as the economy in Oman and the surrounding region recovers and improves, and undue reliance on present projections should be avoided. Management cautions that future events rarely develop exactly as forecast, and the best estimates routinely require adjustment.
Omagine LLC's financial model is frequently updated, modified and adjusted in order to capture what management believes are present market realities and projected trends. The financial model is organized to show best case, worst case and probable case scenarios. The most recent probable case scenario forecasts net positive cash flows for Omagine LLC in excess of $1 billion dollars over the seven year period subsequent to the signing of the Development Agreement with a net present value of the Omagine Project in excess of $500 million dollars. Management believes this is a conservative forecast.[color=red][/color] Omagine LLC will update this model at regular intervals as new facts and information become available, as the development program and design process unfolds and as market conditions require.
The sale of residential and commercial properties combined with the increase over the last several years in the value of the land constituting the Omagine Site, are the main revenue drivers supporting Omagine LLC's financial projections.[/color]
Apporximately $500 million additional funds from 3 different parties once the DA is signed. At that time this stock will have another breakout and ascend to new highs, JMO.
Its has been a long and patient wait.
Seat belt fastened .....
Ready to fire this one up ......
Volume has picked up over the past 10 days.
The new post on the Indocan web site is one of the funniest posts I have read in a few weeks but remains in second place. First place will forever belong to the "broken shovel" thread a few weeks back that still brings a smile to my face every time I think about it. Damn that was funny.
I have only gone through two years of the 10Q's. Management laid out a sotck split plan and then exeercised it in a timely fashion. I agree volume will be the key indicator. Working overseas is an arduous task. It would be nice to see more info by the "hard date" of 12/10. I remain hopefully optomistic.
An important dated noted in the most recent 10Q filing
The fact that the Fund will not be a 20% equity investor in
Omagine LLC as previously disclosed will probably result in an
increase in the Company's and RCA's ownership percentage of
Omagine LLC. CCIC and ALM are not presently expected to have any
changes to their previously disclosed respective investment
amounts or the timings of their investments. The precise details
of any changes will be determined shortly by the conclusion of
the RCA negotiations referred to above and the Company's and the
New Shareholders' percentage ownership and investment amounts
will then be memorialized in the Shareholders' Agreement which
the Company expects to conclude before December 10, 2010.[/b]
Prior to the signing of the Development Agreement, the New
Shareholders and the Company will enter into a written
Shareholders' Agreement with respect to, among other things,
their respective investments in Omagine LLC and the corporate
governance and management of Omagine LLC. Promptly thereafter
the New Shareholders will be formally registered with MCI and
then, after the official approval of the DA by MOLA, the
Development Agreement will be signed by Omagine LLC and the
Government.
As presently contemplated (but subject to a final written
agreement), the Shareholders' Agreement will memorialize that
the Company's 100% ownership of Omagine LLC will be reduced to
(22)
between 50.5% and 70.5%, that the CCIC and ALM shareholdings and
percentage ownerships will remain as previously disclosed, and
that the RCA cash investment will remain the same as previously
disclosed but that RCA's percentage ownership of Omagine LLC
will be increased in recognition of its "payment-in-kind capital
contribution" to Omagine LLC represented by the land owned by
the Government which is to be developed into the Omagine
Project.
The Shareholders Agreement is expected to memorialize that
Omagine LLC will have approximately $78 million of capital
represented by cash investments by Omagine, Inc. and the New
Shareholders. Although it remains uncertain as of the date
hereof: (i) Omagine LLC may also have a yet to be determined
amount of additional capital resulting from RCA's payment-in-
kind to the Project Company resulting from RCA's contribution of
the Omagine Site to the Project Company and the imbedded gain
thereon to the Project Company as represented by the terms of
the Usufruct Agreement covering such land, and (ii) Omagine LLC
and the Fund may enter into an agreement subsequent to the
signing of the DA whereby the Fund provides Mezzanine Financing
to the Project Company.
He made a few good points, as other have in the past months, in a friendly and thought provoking way. I mean no disrespect. You tend to be vague with your answers more often than not. My comment was not meant to be salacious, however to a sensitive individual; I could see how it would have been taken that way. Have a great weekend.
All good points you definitely won that round ......
Stockcharter are you going to answer the bell??
LOL ..... did the 2 shovels have enigines or were they powered by human hands. They must have been made out of wood .... sh_t I can't stop laughing ....... Just read the other posts ... great way to head into the weekend LMAO ...... Thanks to all for the humor .... gotta love it.
Well spoken.
Arguably the most infomative post on this board in 6 months. Time to move on and check back on IDCN in a few months. GLTA.
Sherlock
Nice Volume Today, possibly in connection with this article dated August 26th. GLTA
Oman to invest $20 billion in rugged beauty to lure upscale tourists
posted on Aug 26, 10 03:15PM (Log in to use the IP Check tool) [?]
Find this article and view the video at: http://www.cnn.com/2010/WORLD/meast/08/25/oman.tourism.ambition/index.html?section=cnn_latest
By Rima Maktabi, CNN
STORY HIGHLIGHTS
•Southern Oman is famous for the beauty of its summer monsoon season
•The region's rugged, untouched natural sites are a tourism draw
•The Persian Gulf nation has historically been overlooked as a vacation destination
•Oman is developing the tourism industry to diversify its oil-dependent economy
Salalah, Oman (CNN) -- As temperatures soar across the Persian Gulf, one oasis is blossoming with greenery.
The summer monsoon season, or "khareef," draws visitors from around the world to Oman's southern reaches. For forty-five days, the coastal city of Salalah celebrates cool temperatures and welcome drizzle with a festival of stars, singers and artists from across the Arab world.
But locals are most proud of what waits outside the carnival tents and market stalls.
Oman's natural beauty remains relatively untouched compared to the Gulf's developed urban centers. Don't visit expecting Dubai's skyscrapers and shopping malls. Oman touts the quiet grandeur of its mountains, deserts and beaches, according to Sultan Bin Hamdoon Al Harthi, head of the Muscat Municipality.
He told CNN: "We have been blessed with this terrain. And this is one of the elements that identify us from others. We have these mountains. It's a very rugged landscape, which has its own mystique and its own haunting beauty."
Publicizing this trove of natural resources and making it accessible to tourists, has become a top priority for officials -- and they are spending big money on it.
Estimates are that investments to expand facilities for tourism across Oman will amount to $20 billion over the next few years, according Business Monitor International.
Oman wants to attract 12 million visitors annually by 2020, according to the head of the state airline. He said country's long term plan is to diversity from its current dependence on oil and gas production.
Currently, visitors can already choose among 11 five-star hotels and resorts throughout the country. The two hundred acres of private beach and gardens of the Al Bustan Palace Hotel in Muscat bring nature straight to the tourist. Adventure-seekers can also take in camel racing, whale and turtle watching, and climbing and caving further afield.
Sultan Quaboos Bin Said, Oman's ruler, has steadily opened his country to foreign visitors since assuming power in 1970. He sees travel and tourism as an essential part of his nation's economic development, according to Oman's Ministry of Information.
But the expansion is calculated to balance luxury resorts with the country's uniquely rugged, undeveloped landscape. Unlike the high rises of Dubai and Abu Dhabi, Oman's walled cities and ancient forts emphasize historic architecture, including several UNESCO World Heritage sites.
Other draws include fragrant frankincense trees dotted along medieval trade routes, mosques rich with Islamic art and 2,000-year-old archeological sites, according to UNESCO.
Al-Harthi said: "It is extremely significant for cities to have an identity, to have character, to avoid any urban alienation to its residents. We try to keep it humane as possible, in the face, of course, of the throes of modernism."
Oman still has work to do to distinguish itself as an international destination.
Historically, the sultanate has been largely overlooked by visitors, and tourism made up only four percent of the economy in 2008, according to Business Monitor International.
But as Oman tries to diversify from its oil industry in search of a prosperous future, it is banking on its other natural resources -- the green mountains and flowering desert that stretch up from sea.
No problem. I wanted to confirm given the recent simultaneous 100:1 reverse and 20:1 forward splits.
This ride should continue in the near future with the agreement signing.
Is there documentation available supporting this split or is it wishful "thinking"?
I would prefer the funding of the plan take place first.
Sherlock
Very true and well spoken.
A nice 3oK volume day.
Progressing slowly but progressing none the less.
From my DD all that has been promised has been delivered.
From forwrd splits & reverse splits to the piles of paperwork and filings the CEO has moved this barge slowly forward.
Investors have shown patience. A great job by all.
Omagine continues to move forward in a diligent manner.
Frank conducted an interview yesterday for the AOL Small Cap Show produced by Agoracom.
Use this link to hear the interview in its entirety:
http://smallcapepicenter.com/executive/OMAGaolJUN2010/
Outer Banks, NC (a slice of heaven if you like the beach and ocean)
First time posting but have been reading for a few weeks. Not a large holder less than a 1mm shares.
Fillet has it right. If you have entered in the land of pink to make a quick killing be preapred to quickly be killed. The land many of you dabble in is no different than a craps table. Invest as much as you can afford to lose. It is quite simple. All the moaning, groaning and now screaming simply indicates the funds many have invested is not discretionary money at all. Trying to time the movements of a sub penny stock is akin to performing surgery in the dark, very dangerous and next to impossible.