Hi Peachy Beachy (_Bill allowed me to address you in this fashion),

This is in response to your May 18 post.

GUILTY as charged.That call was based on the technical picture at that time with OMAG crossing over the 50 day and 200 day moving averages lines.I remember Alton's comment not to put too much weight on the crossover because it was done on light volume. Alton was right and I was wrong.

My rationale for this call is based on the recent 10-Q.Before the 10-Q was made public I had serious doubts that the Usufruct Agreement would ever be signed by the Minister of Tourism.But when it was revealed in the 10-Q that the MOT had signed the UAin late April, to me it was an "all systems go" signal.The UA is the linchpin to the success of the Project.Once the Minister of Housing signs and registers the UA, and hopefully the Sultan or the RCA can persuade him to do so before the advent of Ramadan, June 18, everything should fall into place... the land valuation , the cash infusion, the Financial and Construction Agreements... and the Omagine Project.

I can't explain the drop in price to $1.20on heavy volume shortly after the 10-Q other thanthe sellers may not have been aware of the 10-Q.At any rate, there may be backing and filling here at these prices. In view of the above I feel the 1.20 level would hold on any further weakness.

These are my thoughts, my rationale.It is not an invitation to act on my thinking.After all, how smart can I really be...If I were so smart, why would I have hung on to Omagine these many, many years.

Could this be the turning point in the fortunes of Omagine? It sure looks lke it. The one-two punch of the signing of the Usufruct Agreement by the Minister of Tourism, as reported in the recent 10-Q, reinforced by the purchase of 100,000 shares by Frank Drohan, Chairman of Omagine, should act to propel the stock upward.

I can't explain the stock dropping to $1.20 last week in the face of the good news involving the UA and indications that everything was in motion for tulfilling the remaining requirements on he road to the Omagine Project. Frank, who knows more than most, must have recognized $1.20 as a bargain to add 100,000 shares to his holdings. I, for one, would be incline to hold onto his coattails on this one.

Alton,

30,000 shs traded at 1.20 at 3.59 PM, courtesy of E-Trade. I wish I were the person with that 1.20 bid in place.

Welcome back, Alton. We haven't heard from you in almost 3 weeks. As our esteemed elder statesman, I thought yo may have forsaken us and joined Honeymooner.

Oh, by the way, welcome back, too, Billy Boy.

Lately, the Forum hs been operating in a virtual vacuums since Bill vacated the premises for a vacation. It's time some brave soul dared break the ice by posting a commentary. I'm taking the liberty of doing so by re-introducing my Decemer 22, 2914 contribution to the Forum entitlted "Omphaloskepsis* in Oman. It was appropriate then and moch more pertinent and appropriate now. Here it is.

Omphaloskepsis* in Oman

Be patient. Oman wasn't built in a day. It's been a long time struggle, but we're winning the war. Accept the pace at which business is conducted in Oman. Right now, Omagine LLC has a number of balls in the air which soon will fall to earth and find their home in finishing touches to the Development Agreement. Then, off to the races. The pace of the race may be slow but we are winning the war. Patience.

* Omphaloskepsis: contemplation of one's navel as an aid to meditation. Also, lack of of will tomove, exert or change: inerita.

Al,

That was a great post of yours (4/16), seeking information as to how other real estate projects have fared. I'd sure like to know if the manner in which the Omagine Project is being handled is endemic. Like you, I would like to know if the MOT must sign off on all these projects, how long it took for him to act upon them and bring them to fruition. Management's response referred us to the Omani press articles printed over the years. Those article which WERE brought to our attention did mention project names but none of the details you requested, with the possible exception of The Wave.

Perhaps one of our shareholders has contact with a local reporter or anyone in Oman who can provide answers to your questions. It would be interesting to learn how the other half lives.