Omagine

Company has signed a Development Agreement with the Government of the Sultanate of Oman. Omagine Owns 60%; Sultanate Owns 25%; Consolidated Contractors Owns 15%. Project to be developed on 245 acres of beach front land on Gulf of Oman. The estimated cost approximately $2.5 Billion. BNP Paribas To Lead Construction Financing Syndicate.

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Re: Land

Omagine

over 8 years ago

in response to aland's message

In reply to the posting by aland, we have received the following reply from management:

We generally agree with the posting by lebnjb@ameri and PYPR on this matter. The situation is as described in our recent SEC filings. There is no trigger date in the DA calling for the reversion of the land back to the government but the Company is required to comply with the DA terms and conditions. While we have experienced delays, we presently expect the government to accommodate those delays within reason given the present economic environment in the region resulting from the low oil price environment.

We hope to have a shareholder meeting this year but are unsure of the timing at the moment.

Regards,

AGORACOM