MANILA, Oct. 14 — Basic Energy Corporation’s third well (BES-3) in Indonesia, with Petrosolve Sdn Bdn of Malaysia, has reached its target depth of 460 meters.

”PT Basic Energi Solusi, a subsidiary of Basic Energy Corporation reported that as of Oct. 13, 2014, the third well (BES-3) has reached its total depth of 460 meters and wire logging of the well is now being readied,” Basic Energy said in a disclosure with the Philippine Stock Exchange (PSE) Tuesday.

The company said the fifth well (BES-5) has also reached its target depth of 400 meters and that wire logging is being readied.

On the other hand, preparations are underway for BES-4 and BES-6 with its production testing.

Last Sept. 22, PT Basic Energy Solusi, the tie-up between the two companies, has finished its oil analysis on BES-4.

PT Basic Energy Soluis is under the Grandway Group Limited, which is a joint venture firm of Basic Energy Corporation and Petrosolve Sdn Bdn of Malaysia.

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.

Source: http://balita.ph/2014/10/15/basic-energy-corporations-third-well-reaches-target-depth-4/