Wanna Bet? (PSE: BSC)
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.  BSC and Petrosolve established Grandway Group Limited (Grandway) where BSC will have 70% participating interest.  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.  On June 26, 2013, BES acquired from Petrosolve 10 rights to manage oil wells in the Central Java area of Indonesia. 
What made this interesting is that Central Java, Indonesia is very rich in onshore oil.  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
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Entry filed under: Phisix's Closet (PSEi).