Wanna Bet? (PSE: BSC)

May 7, 2014 at 9:27 am Leave a comment

revisiting BSC

Fundamental Enthusiast

On February 12, 2013, Basic Energy Corporation (PSE: BSC) disclosed a Joint Venture with Petrosolve Sdn BHd (Petrosolve) of Malaysia for the identification, exploration, development, management and operation of oil wells. [1] BSC and Petrosolve established Grandway Group Limited (Grandway) where BSC will have 70% participating interest. [2] On May 27, 2013, BSC disclosed that Grandway Group Limited registered Basic Energi Solusi (BES) as a 95% owned subsidiary in compliance with Indonesian laws. [3] On June 26, 2013, BES acquired from Petrosolve 10 rights to manage oil wells in the Central Java area of Indonesia. [4]

What made this interesting is that Central Java, Indonesia is very rich in onshore oil. [5] With BSC’s resources and experience in oil extraction operations, optimizing the production of the oil wells covered by the acquired rights from Petrosolve could be a profitable venture.

 Possible Contribution of the Venture to BSC’s Value

The…

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Entry filed under: Phisix's Closet (PSEi).

Reference Chart – LPZ Reference Chart – PX

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