PT Basic Energi Solusi, a unit of Basic Energy Corp., is preparing for possible oil production in a fourth well it drilled in Central Java, Indonesia.

“In the next few days, the hole shall be prepared for wire logging and production testing. After a successful production testing, further studies will be undertaken to bring the well to production phase,” Basic Energy said.

PT Basic Energi Solusi is the foreign investment company in Indonesia of Grandway Group Ltd., a joint venture between Basic Energy Corp. and Petrosolve Sdn Bhd of Malaysia.

Basic Energy disclosed to the Phillippine Stock Exchange on Monday it was informed by PT Basic Energy Solusi the drilling of the fourth well had reached its target depth. It said drilling operations were being conducted for the third and fifth wells as well.

“Further studies are to be done to optimize oil recovery prior to the construction of production facilities and going into the production phase,” Basic Energy said earlier.

Petrosolve earlier assigned its rights to manage 10 identified Indonesian oil wells in Central Java to PT Basic Energi Solusi, which obtained clearances from a key Indonesian regulator to embark on an IR 8.5-billion oil well management and operations program.

Source: http://manilastandardtoday.com/2014/07/29/basic-energy-preparing-for-indon-oil-production/