PT Basic Energy Solusi (PT Bes), Basic Energy Corporation and Petrosolve Sdn Bdn of Malaysia, has dug its fifth well at a target depth of 420 meters, based on a disclosure by the Philippine Stock Exchange (PSE).

“Update on the drilling operation of PT Basic Energi Solusi, a subsidiary of Basic Energy Corporation, reported that as of November 21, 2014, the BES-5 well has reached its target depth of 420 meters,” the company said in a disclosure Friday.

Last Nov 4, the company said that wireline logging is presently being conducted to determine the zones, adding that production casing will be installed after estimating the zones.

Moreover, BES-2 is currently being dug to reach a depth of 450 meters. It will bring PT BES its 5th well of the company’s 10 wells.

Also, BES-3 and BES-6 are currently undergoing production testing, and its incidental production has already soared to 30,030 liters of oil. Almost half has been brought to local cooperatives, at 17,473 liters.

On the other hand, BES-4 is presently going through production testing, while awaiting the necessary equipment.

Basic Energy Corporation and Petrosolve Sdn Bdn of Malaysia, had partnered to create Grandway Group Limited, which is the firm responsible for PT Basic Energy Solusi.

Basic Energy Corporation is involved in the exploration of oil and gas, production of ethanol and other biofuels.

It also entered the development of alternative and renewable energy sources.

Meanwhile, Petrosolve Sdn. Bhd. which is based in Malaysia, offers oil and gas exploration services.

Source: http://philippinetimesofsouthernnevada.com/news/business/pt-bes-digs-5th-well-target-depth-of-420-meters/