The US Bankruptcy Court approved the fifth amended plan of reorganization of Omagine, Inc. on October 30, 2022. The debtor has filed its modified fifth amended plan in the Court on October 30, 2022. As per the amended plan, Governmental unit claims, unsecured priority tax claim of $5,194.83 of New York State regarding interest and penalties and $1,400 claim of the State of Delaware shall be paid in cash.

No amount for penalties will be paid unless and until all other allowed unsecured claims are paid in full, and then only if the claim becomes an allowed claim. Debtors have no secured claims. Unsecured Omagine note claims of $1.94 million, unsecured Omagine pre-petition insider consulting fee claims of $1.13 million and unsecured Omagine vendor claims of $0.4 million shall be paid in full form pool 6 unless pool 6 is an insufficient funds pool, in which case, each holder will be paid the pro-rata amount of its claim. Unsecured JOL vendor claims of $0.09 million are disallowed and receive no payments.

Equity interests are unimpaired and shall not be subject to any change in its holding. The sole source of cash that may be available to fund distributions under this plan is a recovery at the conclusion of the Oman litigation. On or about the confirmation date, the reorganized Omagine common shares shall be issued to Frank Drohan at $3,500 for 0.35 million shares Charles Kuczynski at $1,200 for 0.12 million shares Sam Hamdan at $350 for 0.035 million shares.

The plan will funded through cash.