Oil manifestation has been upping the ante for local firm Basic Energy Corporation on eventual production at one of its drilled petroleum wells in Indonesia.

The company, in a disclosure to the Philippine Stock Exchange, has noted that subsequent wire logging at the fourth well (BES-4) it drilled “reveals three potential reservoir zones indicating good oil shows.”

The company, which is in partnership with Malaysian firm Petrosolve Sdn Bhd in this investment foray, further indicated that “preparations are now under way for the production testing of BES-4 well,” which is scheduled this week.

Their corporate vehicle for the petroleum exploration venture in Central Java is PT Basic Energi Solusi, a subsidiary of Hongkong-incorporated Grandway Group Limited.

“After a successful production testing, further studies will be undertaken to bring the well to production stage,” Basic Energy stressed.

It added that “drilling operations are ongoing for third (BES-3) and fifth (BES-5) wells.” The joint venture firm preliminarily scheduled 10 well drillings for their Indonesian prospect.

It has been their hope to extract oil from the targeted plays, with expectations of increasing the yield via the patented technology of Petrosolve.

Basic Energy has gained experience being an upstream petroleum industry player in the Philippines, and its executives earlier noted that it has been employing such in its search for opportunities overseas.

Source: www.mb.com.ph/basic-energy-hopeful-on-indonesian-well/