Basic Energy JV Receives Endorsement from Indonesia’s Ministry of Law and Human Rights

Makati—(PHStocks)—Grandway Group Limited, the joint venture company of Basic Energy Corporation (PSE: BSC) and Petrosolve Sdn Bhd of Malaysia, recently received the endorsement of the Ministry of Law and Human Rights on the Deed of Establishment of PT. Basic Energi Solusi, the foreign investment company of the joint venture in Indonesia.

PT Basic Energi Solusi is capitalized at IDR8.5 billion, with a registered office in Jalarta, Indonesia and will be the investment arm of the joint venture in the various business opportunities in Indonesia.

As approved by the Badan Koordinasi Penanaman Modal (BKPM), it is authorized to provide consultancy, management and supervision services in the management of oil wells. It shall undertake certain aspects of the operations of oil wells, within the regulatory and social frameworks applicable in the identified oil field areas in Indonesia, using modern and chemical enhanced oil recovery technology to unlock oil resources and thereby increase oil production of these oil wells.