Basic Energy Corp. announced on Thursday its joint venture subsidiary has completed drilling its fourth oil well in Indonesia.
In a statement, Basic Energy said PT Basic Energi Solusi has completed the operations in its fourth oil well, while its third, fifth and sixth oil wells are still in the drilling process.
“It has completed the wire line logging and analysis of its fourth well . . . [and also]ongoing drilling operations on the third well, which has reached a depth of 393 meters, and the fifth well which has reached a depth of 398 meters. Its sixth well has reached the target depth of 450 meters and has started wire line logging,” Basic Energy said.
After the wire line logging and analysis, the firm will continue development work for production in the fourth well. Should the production test prove successful, further studies will be conducted to bring the well to production stage.
The Indonesian subsidiary operates a total of 10 oil wells.
PT Basic Energi Solusi is a firm involved in the management and operation of oil wells in Indonesia.
PT Basic Energi Solusi is held by Grandway Group Ltd. in Hong Kong, which is a joint venture firm between Basic Energy and Malaysia-registered Petrosolve Sdn Bdn. Grandway Group is 70-percent owned by Basic Energy and 30-percent held by Petrosolve.
Incorporated in 1968, Basic Energy has businesses in investment holdings (Basic Diversified Industrial Holdings Inc.), IT and services (iBasic Inc.), developing biofuels (Basic Biofuels Corp.), agriculture (Basic Ecomarket Farms Inc.), geothermal energy development (Basic Geothermal Energy Corp.), and oil exploration (Southwest Resources Inc.).