ENERGIZING A GREENER FUTURE

An offshore investment arm of Basic Energy Corporation has reached “production testing” on one of its drilled wells for oil extraction prospect in Central Java, Indonesia.

The publicly-listed Filipino firm has disclosed to the Philippine Stock Exchange (PSE) that its fourth well has already reached its targeted depth of drilling and is now moving on to production testing.

“In the next few days, the hole shall be prepared for wire logging and production testing,” Basic Energy has emphasized.

It further emphasized that “after a successful production testing, further studies will be undertaken to bring the well to production phase.”

Basic Energy is in a tie-up arrangement with Malaysian firm Petrosolve SDN Bhd to form the PT Basic Energi Solusi as corporate vehicle for the upstream petroleum investments in Indonesia. PT Basic Energi Solusi lists Hongkong-incorporated Grandway Group Ltd. as its parent firm.

The forward work plan for PT Basic Energi Solusi will be to advance drilling activities at its third and fifth wells.

The Indonesian corporate vehicle originally mapped out 10-well drilling for the petroleum block awarded to it by the Indonesian government.

The intent of the company will be to optimize oil yield from its prospects with the help of the patented technology of its Malaysian partner Petrosolve.

At this stage, PT Basic Energi Solusi already set drilling for at least six of the targeted wells – with two having just reached “spud-in” phase recently.

Source: www.mb.com.ph/basic-energy-sets-java-oil-production-test/