Dear John Paul,

Omagine has put a lot of time and effort into finding an investor for the project, but until the recent interest from the investor who died, and the two European investors, it sounds like they only received low-ball offers. I have no idea why this was the case, but perhaps investors thought Omagine was desperate and would accept a low-ball offer. They were mistaken.

The good news is we currently have three acceptable potential investors. In today's 10-Q it says management expects to close on one of these investments in about two months (July). After the closing, masterplanning and development of the Omagine Project will finally begin.

Regarding flexibility of the project... it's not "flexibility at any cost." It's flexibility to maximize profit. Omagine isn't going to significantly reduce the number of residential units if it's going to hurt the profitability of the project! :)

And speaking of profit, today's 10-Q shows that Omagine increased the estimated net positive cash flow from the Omagine project to a net present value of $1.55 billion (from $1.4 billion previously). This is based on $3 billion of net positive cash flow over the next seven years or so. My guess is that the drop in construction costs in Oman is responsible for the increase.

To those of you who will say the $1.55 billion figure is meaningless until Omagine has the financing to actually start work on the project, I agree. I'm just pointing out the change.