Basic Energy to manage 10 Indonesian oil wells

Will rehabilitate old or abandoned oil wells.

Philippine oil and gas firm, Basic Energy Corporation through subsidiary, PT Basic Energi Solusi, and Malaysian firm Petrosolve Sdn Bhd will acquire the management rights to 10 oil wells in Indonesia.

Basic Energy said it has arrived at an agreement with Petrosolve for PT Basic Energi to acquire the rights to manage the oil wells in Central Java. The rights will be acquired from Petrosolve.

PT Basic Energi Solusi is being supported by the exploration experience of Basic Energy and the chemical technology of Petrosolve for increased oil production.

PT Basic Energi will initially undertake certain aspects of the management and operation of two oil wells, and will implement a development plan to rehabilitate old or abandoned oil wells for limited production.

This joint venture to establish PT Energi between Basic Energy and Petrosolve was approved in June. PT Energi is capitalized at US$858,500.