(Last Updated On: October 20, 2021)
Basic Energy Corporation has decided to take up to 60% stake in FilOil Energy Company. In its recent disclosure, BSC has stated that it envision to become a total energy company.
Recent disclosure states that;
Basic Energy Corporation (the “Company”), aligned with its corporate purposes, has had in its vision for some time to become a total energy company, which progressed with the recent subscription of MAP 2000 Development Corporation (M2DC). This paved the way for Basic Energy to pursue its vision. The decision to eventually invest in Filoil Energy Company, Inc., a downstream oil participant, will culminate the Company’s objective to become a complete energy enterprise with end- to-end activities from the upstream oil business, renewable energies or alternative power sources, and downstream gas and oil business and allied logistics services.
(RPT) Took actions to the proposed Equity Investment of the Company in Fil Oil Energy Company Incorporation. After it’s review and discussed by the Risk Committee, agreement, endorsement to the RPT Committee for the closer thinking and review, both Committees have unanimously approved the same and also recommended the matter for Board Approval.
It then added;
Board presentation discussed the members of Board Directors has the resolution to accept the proposed equity investment of Fil Oil Energy Company Inc. and require interest with up to 60%
The approval of the Company’s Board to proceed with the intended Equity Investment. Remaining disclosures will follow while the execution stage is on going and submission of advisement report on the material.
Basic Energy Corporation (BSC) is currently trading at 0.71/share.