Bill, I'm flattered by your faith in my pontifications! I am not a Wall Street guy (not there's anything wrong with that!) and am not suggesting what the market value should be. I am only calculating book value. The market may or may not wish to value Omagine Inc. based on bv. The big boost I calculated from the NPV (net present value) of the future net positive cash flows is extremely subjective. There's no assurance that OMAG will achieve those cash flows. But it was fun to fantasize about what could be a reasonable basis for valuation.

I don't recall a $450m number for the land (was that the NPV of future cash flows? I don't remember). I took the $650m based on Omagine's published statements that local real estate agents said the land would go for $650 per sq meter and there is 1 million meters "for sale". I'll call these "units". Each unit that gets sold, the Omani govt gets $65 (10%). So my calc was simply 90% of $650 times 1 million meters. Since Omagine Inc. beneficially owns 60% of whatever LLC owns, multiply by 60% then divide by the # of shares outstanding. $650m * 90% = $585m at LLC. OMAG's share is 60% or $351m. That divided by 14.3m shares outstanding is $24.55.

If you were asking about the NPV, same calculations are at play: Take 60% of the NPV and divide by 14.3m shares outstanding.

Readers are free to make the same calcs based on whatever they believe the land is worth. I guess my whole point is that between the land, the $70m, the NPV of future cash flows ... the book value could conceivably go to the $30 - $40/share. Do I think the market will value OMAG at that level? No ... simply because there are too many variables involved and the float remains relatively small. But it's not unreasonable to think of something in the $20s. Over time, as the cash flows materialize and other things occur, then the market perception and valuations will, of course, change ... hopefully for the better.

How's that for waffling? Should I run for public office?