MANILA, July 9 — The Philippines’ Basic Energy Corporation and Malaysia’s Petrosolve Sdb Bhd has dug their fourth and fifth oil wells in Indonesia.

Based on a disclosure with the Philippine Stock Exchange (PSE), Basic Energy Corporation was updated by PT Basic Energi Solusi, a foreign investment company in Indonesia under the Grandway Group Limited, that it has successfully dug its fourth and fifth wells.

Grandway Group Limited is co-owned by Basic Energy Corporation and Petrosolve Sdn Bhd from Malaysia, with the former owning 70 percent and the latter holding 30 percent.

The disclosure also noted that the necessary preparations for the operation with the sixth well are underway.

The company pointed out that more studies will be conducted to enhance oil recovery before it moves towards construction of production facilities and the production phase.

Earlier, Basic Energy Corporation has said that the first well has attained the target depth level despite having difficulties.

However, the second and third wells are continuously being drilled and tested by the company for oil.

Basic Energy Corporation has holdings in Basic Petroleum & Minerals Inc, Basic Diversified Industrial Holdings Inc, iBasic Inc, Southwest Resources Inc, Basic Biofuels Corporation and Basic Ecomarket Farms.

Source: http://balita.ph/2014/07/10/phils-basic-energy-corporation-malaysian-petrosolve-sdb-bhd-dig-4th-5th-wells-in-indonesia/