Dear OMAG Investors:
Omagine last reported in its SEC filing on May 11, 2009 that following the delivery of “Annex A” and the “Omagine Comments” to the Ministry of Tourism that the Government Internal Meetings regarding the Omagine Project have recommenced.
The Company has not provided an update to the process for wrapping up the development agreement with the Government to date. However, in its May 11th filing, we quote:
. . . management believes that the Government's bureaucratic process has now run its course, and management is unwavering in its belief that the Company's persistent insistence upon the clarity of the language of the development agreement will be of enormous financial value to all parties once the actual development of the Omagine Project is underway. As of the date hereof the Government has re-started the Government Internal Meetings regarding Omagine and we expect very few, if any, controversial items to emerge. In view of the previously encountered delays, management is reluctant to make predictions, but we are of the opinion that the Company's patient approach to this process will yield positive results and that a development agreement will be signed by the Project Company and the Government within the next 60 days.
Although the Company expects some inconsequential re-drafting of the February 2009 Draft Agreement to be required, management is highly confident that the Government Internal Meetings will result in a draft development agreement acceptable to all parties.
The Company presently anticipates that, either the conclusion of the Government's review process in the Government Internal Meetings, or the Final Meeting, if required, will result in a fully settled and agreed document ready for printing and signature soon thereafter.
Regards,
AGORACOM
