Agoracom

Dear Investor123 and Harrell,

Thank you for your posts, however in the interest of accuracy please know:

The two combined contemplated investments in the Project Company pursuant to the (a)  CCIC Agreement and (b) MOU with “Newco” represents a $99 million valuation for 42% of Omagine SAOC (the Project Company).  Therefore total valuation of the Project Company could possibly be $235 million. However these are early Founder Shareholder investments --private investments – and therefore do not reflect stock market valuations. Actual  market cap may possibly be more, and over time market forces will ultimately determine the market cap.

The Success Fee equals 0.5% (i.e. one-half of 1%) – not 5% and as reported, and will be paid against construction costs of approximately $1 billion ($1.6 billion less design costs, fees, etc.). Therefore the Success Fee will be approximately $5 million ($1B x 0.005), and not $80 million.

The purchase price of the usufruct land by Omagine has never changed and remains at 25 Omani Rials ($65) per square meter – not $0.80 per meter. The rental price of the land lease payments to the government (only on land which is NOT purchased) remains at $0.80 per meter, and also has never changed.

Note that with a constant land purchase price, and the ability to charge higher rents throughout all other enterprises on the usufruct land, one should definitely view land appreciation as a single edge sword.

Regards,

AGORACOM Investor Relations