MANILA – Basic Energy Corp’s subsidiary is nearing completion of drilling activity in another oil well in Indonesia.

In a disclosure to the Philippine Stock Exchange, Basic Energy said PT Basic Energi Solusi reached its target depth for the fourth well on July 24.

“In the next few days, the hole shall be prepared for wire logging and production testing,” it said.

Should the production test prove successful, further studies will be conducted on the well before commencing with production phase.

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

The two earlier invested 8.5 billion Indonesian rupiah to manage and operate 10 oil wells in Indonesia.

Basic Energy said drilling operations are ongoing for the third and fifth wells.

The company closed the first quarter with a net loss of P5.643 million, lower than a year ago’s P5.860 million. This as revenue grew 27 percent to P5.976 million this year from P4.695 million in 2013.

Source: www.interaksyon.com/business/92092/basic-energys-indonesian-joint-venture-nears-completion-of-drilling-in-fourth-well