Hi Harrell,

Relevant sections of the recently filed annual report to support my post dated 18 March, which was in response to your post 'land increases are chicken feed'.

1./

Management is aware that due to market conditions the value of
the Omagine Site has increased sharply over the past 2 years
and, provided such values are sustained, this increased value
will have a materially positive effect on the Project Company's
future cash flows as well as its financing activities.

2./

The sale of residential and commercial properties, including
sales to non-Omani persons plus the sharp increase in the value
of the Omagine Site over the last several years are the main
drivers supporting the Project Company's projections of
estimated net positive cash flow in excess of USD $600 million
over the five year period immediately subsequent to the signing
of the Development Agreement.