One mile of Ocean Front, One Incredible Real Estate Development

Multi-Billion Dollar Agreement Signed With Oman

Message: Omagine, Inc. - Form 10-Q for the period ended 9-30-2016

Dear Omagine Shareholders,


Omagine, Inc. (“Omagine”) has today filed with the SEC its Report on Form 10-Q for the period ended September 30, 2016 (the “10-Q”). The full text of the 10-Q can be viewed here:


Selected excerpts from the 10-Q are quoted below. Omagine urges all investors and shareholders to read the entire text of the 10-Q for complete details of Omagine’s recent activities.







As previously reported several obstacles were encountered with regard to concluding the construction contract for the Omagine Project with CCC (the “CCC-Contract”). It recently appeared that these obstacles would be overcome via an agreement with CCC and an Omani bank with whom CCC has a business relationship. CCC’s introduction and long-standing relationship with the Omani bank was the impetus behind the proposed debt financing and advisory services to LLC by the Omani bank. All efforts to date to conclude the CCC-Contract with CCC, and recently to conclude an agreement with the Omani bank referred to us by CCC, have resulted in no forward progress.

Management was originally pleased in August 2016 by the prospect of concluding the drawn out negotiations with CCC to finalize the CCC-Contract and the Amended and Restated Shareholder Agreement with CCC and RCA before concluding a term sheet with the Omani Bank, but all such CCC negotiations once again foundered and management no longer sees that path as a viable way forward.

Also as previously reported, management has been holding discussions in parallel with several potential LLC investors and as of the date hereof, we are in final discussions with several such investors and have a signed agreement with one such investor.

We presently expect to amend the Shareholder Agreement as necessary to memorialize the new arrangements and revisions to which the LLC Shareholders may agree (the “Amended and Restated Shareholder Agreement”). We presently expect that the Amended and Restated Shareholder Agreement will be signed by the parties within the next month and that serious design, development and construction activities on the Omagine Project will begin during the first quarter of 2017.

Management has also been conducting parallel project finance discussions with a bank other than the Omani Bank with whom CCC has a business relationship, and we expect a successful conclusion to that discussion to occur soon after the Amended and Restated Shareholder Agreement is executed by the parties.

As these matters unfold, management will report all material developments and agreements to its shareholders in a timely manner.

Management’s primary goal continues to be the launch in the first quarter of 2017 of serious design and construction activities for the Omagine Project. Management cautions that future events rarely develop exactly as forecast and the best estimates routinely require adjustment. Investors and shareholders are cautioned not to place undue reliance on any such forward-looking statement or forecast, which speaks only as of the date hereof.






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