To be fair to the market, not much has changed. Sure the land has now been recognised on the balance sheet but from another perspective not much has changed from earlier in the year. Its all just on paper. Omagine need to deliver this project (successfully) to realise an increase in the stock price. I believe it will happen, and when also believes thats when they will buy into it.

So with that said, the acid tests for this stock will be:

- Getting the construction contract signed: I was encouraged by the news in the 10Q. Looks like this is nearly there and these are good (not great) mechanisms in place in the contract to value the works through the life of the project. As a quantity surveyor myself, I see what they are doing and it sounds like they're on the right track. (But overall I'm still not fully convinced as to why Omagine needed to enter into what is effectively an exclusivity agreement with CCC. Sure there were lots of advantages but most of us would believe in the logic that competition keeps the prices down. But we are where we are!).

- Financing arrangements: Well looks like Phase 1 is sorted. Put $25mil in the bank and they will loan you back $25mil. This will also trigger other things which should greatly improve the financial profile of LLC and make it easier for them to borrow more.

But most eclipsing them all:

- How will the sales market react to the project in 2016. Positive sales = risk off and cash to finance development and secured future cash flows. ChiChing!! This would instantly show whether the projected future cash flows are acvhievable and therefore whether the stock price should be near $40. I don't want to think what poor sales debut might mean! Arrivederci, sayonara, (sad face), all spring to mind! I think this is the one the procrastinators are waiting for. Me, I believe the demand is there for such beachside property in sunny and beautiful Oman. Afterall, we are only talking about a few thousand properties in a rapidly expanding country, with other middle easterners desperately looking to get out of their own countries. The Cluttons report also spoke about the very low vacancy levels in Muscat Hills and Al Mouj (the only other two comparable ITC's) and the premium people pay to live in these areas compared to the rest of Muscat is quite mind blowing........there's a lot of room in the market for this development.

In the meantime, I see this as a major buying opportunity!