Mr. Ahmed Said reports
BROOKWATER RECEIVES NOTICE OF DEFAULT
Brookwater Ventures Inc.'s wholly owned subsidiary, Agua Grande Exploracao e Producao de Petroleo Ltda., has been issued a notice of default from the operator of block 166 in the Reconcavo basin in Brazil for its failure to pay outstanding cash calls related to the farm-out agreement and joint-operating agreement within the period of time specified under the JOA.
Under the terms of the JOA, Brookwater has 60 days to remedy the default by paying the full amount of the outstanding balance to the operator. In the event that the default continues for more than 60 days, the operator has the option to require that Brookwater withdraw its interest in the JOA and block 166. Brookwater is working with the operator to resolve the default and satisfy the outstanding cash calls.
We seek Safe Harbor.
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