Omagine

Dear Shareholder,

Management confirms that multiple discussions with regard to Phase One of the Omagine Project and its financing continue with more than one party (both with banks and investors). These multiple processes were briefly interrupted by the recent nine day Eid holiday but are once again underway. While management is anxious to conclude, as one may imagine these discussions are not trivial matters subject to rapid conclusion as various twists and turns in the subject matter under discussion are raised and resolved.

Management does not presently deem it prudent to report on the granular levels of detailed and evolving discussions until a conclusive arrangement is agreed and signed. The Company is hopeful that this can be accomplished “shortly” and in “the near term” ---- BUT, investors and shareholders need to be aware of our experience in the past which clearly indicate that the terms “shortly” and “the near term” are meant to be illustrative of our present thinking only – and historically have been – and continue to be - difficult to define.

Kind Regards,

AGORACOM