Basic Energi drills two more wells in C. Java
Thursday, July 10 2014 - 02:51 AM WIB
PT Basic Energi Solusi (BES), a subsidiary of Grandway Group Ltd, announced Wednesday it has spud-in its fourth and fifth oil wells in Indonesia, and is making preparations for the spud-in of the sixth well.
Grandway is a joint venture between Philippines-based firm Basic Energy Corporation and Malaysian firm Petrosolve Sdn Bhd with the former holding 70 percent and the latter 30 percent. Grandway owns 95 percent of BES.
BES did not say the location of the wells, but in June of 2013 the company announced it has acquired the rights to manage ten wells in Central Java, and began drilling two of the wells in November.
The company further reported that with regard to earlier drilled wells, the first well has reached its target depth though encountered complications and cannot be immediately produced.
?Geophysical wireline logging of the first well indicates good oil saturation at several layers. The second and third wells are continuing operations to drill and test these wells. Further studies are to be done to optimize oil recovery prior to the construction of production facilities and going into the production phase,? BES said in a statement.
Editing by Reiner Simanjuntak