Dear 7575mike,

We have consulted with management and we quote Mr. Frank Drohan as follows:

"We have been in touch with Government officials over the past month and have just returned to Oman. The EID holiday begins tomorrow and the Government will return to work on October 6. Our attorneys met with the Government's attorneys yesterday and we expect the DA to be signed in accordance with the timetable previously disclosed. Specifically, 'all parties - including the Omani Shareholders - are desirous of signing the Development Agreement as soon as possible'.

We recognize, acknowledge and sympathize with shareholders' frustration with the extended negotiation 'process' -- but wish to remind all shareholders that (i) it is not a trivial task for an OTCBB company to close a multi-billion dollar game-changing deal; on the contrary, it is a difficult, deliberative process requiring the correct mixture of push and patience, (ii) management is not unfamiliar with the region and its business culture and practices, and (iii) our anticipated success is expected to bring substantial rewards - which coincidently are expected to occur at a time when markets are otherwise in turmoil.

In the past few days management has consulted with its local Omani bankers and partners and the present financial market turmoil is expected to marginally increase the cost of borrowing locally but otherwise have little impact on the Omagine project. Liquidity of banks and financial institutions in Oman and the Gulf region remains high".

Regards,
AGORACOM