Dear Omagine Investors,

Improvement of two existing airports, construction of two new airports in the Sultanate, along with radar, meteorological and other airport related infrastructure improvements covering 13 separate agreements were recently announced.

See the general news piece below and a more specific detailing of these agreements from the Ministry of Information -- includingthe largest of such agreements for approx USD 1.17 billion (RO 450 million) awarded to Consolidated Contractors Company (Omagine’s nominated General Contractor for the Omagine Project) and their joint venture partner.

Oman to spend USD 5 bln on developing airports

Big boost for Oman’s aviation sector

Regards,
AGORACOM

Dear Omagine Investors,

As Omagine continues its wrap up of the documentary process with the Oman Government, today it released a handful of architectural concept drawings for publication in the ‘Photo’ section of the OMAG Agoracom hub. A day/night sketch of the Omagine resort complex is included in the grouping.

Omagine integrates cultural, heritage, educational and entertainment themes into a string of seven Pearl shaped structures. Each Pearl features exciting entertaining experiences relevant to their particular themes of: Oman, Culture, Innovation, Energy, Sea, Earth, and Sky -- all based on the true story of each theme. Entertainment will be plentiful, and tourists will leave with painlessly imparted enlightenment.

Omagine expects that it will bring Oman to the world… and the world to Oman… and based as it is on the true story of Oman and the World - Omagine will become “the destination” in Muscat.

Two resort hotels are at either end of an expansive boardwalk filled with cafes, restaurants, theaters, retail shops, entertainment experiences, an open air amphitheater and stage – and of course the string of seven Pearls of Oman.

The boardwalk will face an enclosed harbor area to one side and a canal on the other. A variety of villas, apartments, town homes and serviced apartments are also planned at Omagine.

Regards,
AGORACOM

Dear Omagine Investors,

Please be informed that Omagine has filed their Quarterly Report on Form 10-Q with the SEC for the period ended March 31, 2009.

An excerpt of the Report follows below.

To review the complete filing please use the link below, or to review all corporate filings, please click on the “View Filings” section of the main page of the Omagine hub here at Agoracom.

FORM 10-Q

Excerpt:

During December 2008 and throughout the first quarter of 2009, the Company and its attorneys remained engaged with the Ministry of Tourism in an attempt to conclude the Development Agreement.

These interactions and the official Government review and comment process for the November 2008 Draft Agreement resulted in a request from MOT to prepare yet another schedule detailing the Company's proposed changes to the Standard DA (the "Schedule of Changes"). The Company's attorneys prepared the Schedule of Changes and submitted it to the Government on February 17, 2009 together with an updated draft Development Agreement (the "February 2009 Draft Agreement"). The Government subsequently confirmed in writing to the Company that March 16, 2009 was the date that they would meet with the Company to discuss and conclude the Development Agreement (the "Final Meeting"), which the Government described as the "wrap-up" meeting for the Omagine Development Agreement. The Government also informed the Company's attorneys that it planned to conduct internal meetings (the "Government Internal Meetings") among the relevant Ministries (Tourism, Legal Affairs and Finance) in preparation for the Final Meeting and to review the Schedule of Changes with a view toward expediting the review process required at the Final Meeting. As of the date hereof, the Government has postponed the Final Meeting and the Government Internal Meetings have not yet been finalized or concluded.

On March 30, 2009 the Company received a letter from MOT stating in relevant part that "... The inclusion of your comments and additions directly into the SDA very much impedes the sorting out of the points ..." Although such inclusion was done in a "redline

document" at the specific request of the MOT, the letter went on to request: (i) "including the commercial terms with respect to the Landmark as a separate Annexure to the SDA", and (ii) including a separate document with "... any comments or additions on the SDA". Complying with this request did not change anything in our proposed February 2009 Draft DA but required (i) moving large amounts of the document into an annex which is then incorporated into the DA, and (ii) performing a clause-by-clause analysis of the DA showing those clauses where the SDA language and our proposed language differ and the reason for such difference. This was an enormous task which was completed and delivered to the MOT on April 30, 2009. While management believed this new annex ("Annex A") and the clause- by-clause analysis (the "Omagine Comments") were redundant and unnecessary, they are in fact startlingly clear and make all our proposed changes to the SDA simple to review and easy to understand. Moreover they positively illuminate how our proposed changes to the SDA will work to the Government's and our mutual benefit. Notwithstanding the foregoing described delays and postponements, 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.

Regards,
AGORACOM

Dear OMAG Investors,

Please find below the “Construction & Real Estate” chapter of The Report: Oman 2009 just published by Oxford Business Group.

Oxford Business Group is a leading publisher of economic and political intelligence on the markets of the Eastern Europe, North and South Africa, The Middle East and Asia. Through its range of print and online products, OBG offers comprehensive and accurate analysis of political, macroeconomic and sectoral developments, including banking, capital markets, energy, infrastructure, construction, and insurance.

Written by a team of analysts based on the ground, Oxford’s critically acclaimed publications of economic, political and business annuals have become the leading source of intelligence on the region. At the same time, the online economic updates provide up-to-date in-depth analysis on the issues that matter for thousands of subscribers worldwide.

Click Here to view the report.

Regards,
AGORACOM

Dear OMAG Investors,

Please find below an article which was published by Oman Ministry of Information regarding the launch of the Oxford Business Group’s publication titled “The Report: Oman 2009” – the annual business economic and political review of the Sultanate.

Oxford Business Group's series of on-line and print publications have become renowned as the leading source of information for Eastern Europe, North and South Africa, the Middle East and Asia. Oxford Business Group is currently preparing “The Report: Oman 2010” which will mark forty years of the modern Sultanate.

Regards,
AGORACOM

Click on Image to View Report

Oman reaps fruits of go-slow plan

By Michele Grant, Special to Gulf News
Published: April 23, 2009, 22:51

Dubai: Oman is taking things slowly when it comes to development. And it is an approach which seems to be working well for its property developers.

While its neighbours have developed housing at a blistering pace in recent years, Oman has just begun to open up to foreign buyers wanting the sun and sand of the Middle East without the over-the-top skyscrapers and often crass commercialism.

Oman has embarked on a gentle modernisation programme which includes a 2006 royal decree allowing expatriates and foreign nationals to purchase land and property within the sultanate in "tourist designated areas" for accommodation and investment. It's a law that has been carefully constructed to help elevate the country slowly but surely into the international arena.

There are currently five areas where foreigners can buy in Oman.

These include The Wave, Muscat, Al Madina a'Zarqa, Muscat Hills Golf and Country Club, Muriya and Barr Al Jissah. Several more developments are due to released over the coming 12 months including the prestigious Malkai project, set to become the sultanate's most exclusive resort destination. Only projects which have passed the strict criteria laid down by the government, in terms of enhancing Oman's tourist growth, can sell to foreigners.

According to Christopher Steel from the real estate company Savills, it is this gentle, thorough approach which is continuing to attract buyers.

According to Steel, Oman's developments are aimed at end users who want a permanent or holiday home. And it's a location that is attracting interest from people who are eager to take their foot off the lifestyle accelerator.

Michael O'Connell, head of research at Hamptons International, agrees, pointing out that there are many advantages for foreigners buying in Oman. He highlighted the fact that the sultanate has worked hard to create the right climate for new investment by developing a free competitive economy with equal opportunities for all and shaping laws and regulations to encourage enterprise.

These include a free economy system, no personal income tax, no restrictions on capital and profit transfers together with freehold ownership rights for expatriates.

With property prices for integrated tourism complexes ranging from $1,700 (Dh6,252.60) to $7,000 per square metre, O'Connell says Oman has not been adversely affected by the current global economic climate. "Some changes are taking place but they are slight. With the residential market having entered a new period of price correction ... we have noted a small decline for residential properties. In turn, this has slightly reduced rental prices," he says.

"While no developer is releasing primary stock at present, we expect this to change over the next two quarters, with an emphasis on bringing affordable stock to the Oman market. It is a good choice, therefore, for mid- to long-term investors rather than those looking for short-term gains."

Maintaining a low profile has worked in Oman's favour, according to James Gonzalez, market analyst at Obelisk Investment Property.

The sultanate, Gonzalez says, is considered to be a 'real Arabia' by many and is keen to learn from what it sees as the errors accompanying the over development in other markets and has aimed at the select end of the property investment market.

"Oman's property market is one of the youngest in the region. So it's an emerging market but targeted at the higher, luxury end," Gonzalez says.

"This, together with limited and controlled development is likely to ensure that Oman property development investment remains exclusive."

It all sounds good, particularly considering the downbeat forecast for residential property in the rest of the world.

But what are the downsides of buying in Oman if you are a foreigner.

None, according to Savills' Christopher Steel. He says that Oman has the most advanced freehold ownership legislation of any country in the region.

"It was," he says, "the first country to ratify freehold ownership, together with residency rights, so anyone who buys in Oman can be assured that there are clear and concise laws governing their ownership and living rights."

The author is a freelance writer based in Dubai.

Dear Omagine Investors,

Oman Air’s Head of Corporate Communication and Media in the April 18, 2009 piece by AME Info provides keen insight into Oman’s Vision 2020 Plan as it relates to the Sultanate’s travel and tourism efforts.

Click here to view the article, “Future is bright for Oman tourism, reports bear out”.

Regards,
AGORACOM

Dear Omagine Investors,

The Omagine Project is cited in the April 15, 2009 piece by Executive-Magazine.com concerning Oman’s sustained investment in infrastructure and tourism.

Click here to view the article, “Docking Infrastructure”.

Regards,
AGORACOM

A new interview with Omagine president and CEO, Mr. Frank J. Drohan is now available. To listen to the interview please click on the link below:

INTERVIEW

Regards,
AGORACOM

Dear Omagine Investors,

As published in yesterday’s Oman Daily Observer, Port Sultan Qaboos in Muscat wins an award

for the quality of services to the cruise shipping industry besting over 200 worldwide ports and

destinations. The article follows below.

Port Sultan Qaboos named top tourism port

02 April 2009

MUSCAT — Port Services Corporation (PSC), which operates and manages Port Sultan Qaboos

in Muscat, has won an award in recognition of the superior quality of its services to the cruise

shipping industry. The award was presented by the internationally recognised magazine, Dream

World Cruise Destinations on the sidelines of the Sea Trade Cruise Conference and Exhibition

held in Miami, USA recently. PSC was among a list of awardees named ‘Most Efficient Port

Services Company’ of 2008.

PSC was selected after a survey of total of 231 ports and destinations around the world. “This

award is in recognition of the outstanding services provided to the ships for pilotage, faster

clearance by customs and for rendering excellent services to the cruise lines, passengers and

crews,” the citation read.

London-based The Dream World Cruise Destinations is a trade magazine with a digest of

industry news and views of senior executives from the cruise lines, the port and tourism

sectors. Commenting on the award, an official from Port Services Corporation said honour

attested to the high service standards provided to cruise and commercial ships visiting the port.

The award will help attract greater numbers of global shipping lines to Port Sultan Qaboos, he

noted.

“This achievement is also the product of the support that PSC continues to receive from the

Ministry of Transport and Communications, Ministry of Tourism, Ministry of Health and the

Royal Oman Police represented by Directorate-General of Passports and Residence, General

Administration of Customs and the Coast Guard and other security agencies. Credit also goes to

shipping and travel agents and all the employees for their efforts.”

By Staff Reporter

© Oman Daily Observer 2009

Regards,
AGORACOM

Dear Omagine Investors,

Middle East Online published today an insightful piece on Oman’s push for sustainable tourism in the Sultanate.

Click here to view the article, “Oman – tourism with substance”.

Regards,
AGORACOM

Dear Omagine Investors,

Please be informed that Omagine has filed a Regulation FD Disclosure with the SEC on Form 8-K today:

The body of the report follows here:

Item 7.01 Regulation FD Disclosure

Forward-Looking Statements

Some of the information contained in this Report may constitute forward-looking statements or statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations and projections about future events. The words "estimate", "plan", "intend", "expect", "anticipate" and similar expressions are intended to identify forward-looking statements which involve, and are subject to, known and unknown risks, uncertainties and other factors which could cause the Company's actual results, financial or operating performance or achievements to differ from future results, financial or operating performance, or achievements expressed or implied by such forward-looking statements. Projections and assumptions contained and expressed herein were reasonably based on information available to the Company at the time so furnished and as of the date of this filing. All such projections and assumptions are subject to significant uncertainties and contingencies, many of which are beyond the Company's control and no assurance can be given that the projections will be realized. Potential investors are cautioned not to place undue reliance on any such forward- looking statements, which speak only as of the date hereof. The Company undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

In order to update its shareholders, the Company is providing the following information disclosure:

During December 2008, January 2009 and February 2009, the Company and its attorneys exchanged letters with the Ministry of Tourism of Oman (“MOT”) in an attempt to conclude the development agreement for the Omagine Project (“Development Agreement”). The results of these exchanges and the official Government of Oman (“Government”) review and comment process for the draft agreement presented to the Government in November 2008 by the Company were that (1) the Government agreed to meet in January 2009 (then later changed to March 2009 by the Government) to discuss and conclude the Development Agreement (the “Final Meeting”), (2) the Government (MOT) requested the Company to prepare another schedule detailing the changes to the Government’s standard agreement which are proposed (the “Schedule of Changes”), and (3) the Government requested that the Company form the Project Company prior to signing the Development Agreement. The Company agreed to all of the foregoing and also prepared an updated draft Development Agreement (the “February 2009 Draft Agreement”). On February 17, 2009 the Company’s attorneys delivered the February 2009 Draft Agreement together with the Schedule of Changes to the Government.

On February 23, 2009 the Government confirmed that March 16, 2009 would be the date for the Final Meeting which the Government described as the “wrap-up” meeting for the Omagine Development Agreement. The Government also informed the Company’s attorneys that the Government planned to conduct internal meetings (the “Government Internal Meetings”) among the relevant Ministries (Tourism, Legal Affairs and Finance) in preparation for the Final Meeting and to review the Schedule of Changes with a view toward expediting the review process required at the Final Meeting.

Management and four senior representatives of Michael Baker Corp. – the Company’s proposed Program Manager for the Omagine Project – traveled to Oman in the second week of March for the purpose of, among other things, attending the Final Meeting. As of the date hereof, the Government Internal Meetings continue and the Government has postponed the Final Meeting. Delays and postponements of this type are common for the Government. At this point, 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. Such a draft agreement must then be approved by all parties before signature.

Given the Company’s past experience it is likely that this rather trivial task and/or the Government Internal Meetings may take several months for the Government to accomplish. It is possible at this point that the Final Meeting between the Company and the Government may not be necessary if an agreed upon draft document results from the Government Internal Meetings. 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.

Subsequent to execution of the Development Agreement, the Government, since it will not be a shareholder of the Project Company, will have significantly less input into the development of the Omagine Project and will have no control over the Project Company’s day-to-day operations and execution of the project.

Regards,
AGORACOM