"the present value of the Omagine Site is in excess
of 100 Omani Rials (USD $270) per square meter or a total value
of USD $270 million."

The above is from the Dec. 2006 10k filing; if you go by the above figures ; Industry reports indicate that the average price per square metre for residential land in Oman increased by 253 per cent since this estimated value was filed.

That would equate to a land value of over USD $ 680 Million for the OMAG site.

Once the deal is sign that means 50.0% goes directly on the balance sheet of the Compnay= USD$ 340 million dollar asset; or $7.63 per share.

IMHO