C01107-2024

SECURITIES AND EXCHANGE COMMISSIONSEC FORM 17-C

CURRENT REPORT UNDER SECTION 17
OF THE SECURITIES REGULATION CODE
AND SRC RULE 17.2(c) THEREUNDER

1. Date of Report (Date of earliest event reported)
Feb 29, 2024
2. SEC Identification Number
36359
3. BIR Tax Identification No.
000-438-702-000
4. Exact name of issuer as specified in its charter
BASIC ENERGY CORPORATION
5. Province, country or other jurisdiction of incorporation
MANDALUYONG CITY
6. Industry Classification Code(SEC Use Only)
7. Address of principal office
GM Building, Florida St., Barangay Wack-Wack, Greenhills East, Mandaluyong City Postal Code 1556
8. Issuer's telephone number, including area code
(+63) 7917-8118
9. Former name or former address, if changed since last report
UB 111 Paseo de Roxas Bldg., Paseo de Roxas Avenue, Legaspi Village, Makati City
10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA
Title of Each Class Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
Common Shares 14,668,643,064
11. Indicate the item numbers reported herein
Item No. 9

The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.

Basic Energy CorporationBSC

PSE Disclosure Form 4-30 - Material Information/Transactions References: SRC Rule 17 (SEC Form 17-C) and
Sections 4.1 and 4.4 of the Revised Disclosure Rules

Subject of the Disclosure

AMENDMENT 29.02.2024: Including overview/additional info on WESC prospective projects and the transferee-subsidiaries

Results of Special Board Meeting February 27, 2024
Background/Description of the Disclosure

On 27 February 2024, the Board of Directors of Basic Energy Corporation (the “Company”) authorized the assignment of the following Wind Energy Service Contracts of the Company to the following Transferee-Subsidiaries:

1. WESC 2023-05-279; Project Site - San Joaquin and Miagao, Iloilo, Hamtic, Antique; Transferee - San Joaquin Wind Energy
Corporation

2. WESC 2023-06-286; Project Site - Batangas; Transferee - Starfish Wind Energy Corporation

3. WESC 2023-08-310; Project Site - Pasuquin, Ilocos Norte; Transferee - Pasuquin Wind Energy Corporation

===[Amendment 29.02.2024] About the Projects and Transferees===

1. As disclosed on June 27,2023 (Company Disclosure Reference No. C05044-2023) – WESC 2023-05-279 refers to a proposed onshore wind power plant project located in San Joaquin and Miag-ao, Iloilo and Hamtic Antique with a total land area of interest of approximately 13,932 hectares covering 172 RE blocks, as approved by the DOE. The said plant is expected to generate a capacity of at least 150-175 MW based on the preliminary study done by an independent party. (Status: early stages; for commencement of initial data gathering such as wind resource assessment campaign)


2. As disclosed on July 20, 2023 (Company Disclosure Reference No. C05585-2023) - WESC 2023-06-286 refers to the prospective Balayan Nearshore Wind Power Project. The offshore area is located approximately 1km east of the Calatagan peninsula in Batangas. Under the said service contract, the Company is appointed and constituted by the DOE to have an exclusive right to explore, develop and utilize the wind energy resources with the 2,835 hectares contracted area. (Status: early stages; for commencement of initial data gathering)

3. As disclosed December 6,2023 (Company Disclosure Reference No. C08570-2023) - WESC 2023-08-310 refers to the prospective Ilocos Nearshore Wind Power Project. Under the said service contract, the Company is appointed and constituted by the DOE to have an exclusive right to explore, develop and utilize the wind energy resources in the 5,502.54 hectares contracted area. The project is seen to be able to generate and deliver power energy to the grid ranging from 90-112 MW power based on the 4-model simulation done by a foreign third-party consultant. (Status: early stages; for commencement of initial data gathering)

All three (3) transferees enumerated are subsidiaries of Basic Energy Corporation which the latter has determined to be used as the special purpose vehicles (SPVs) for their respective prospective projects in accordance and compliance with the assignment provision as indicated in the WESC of the previously mentioned projects.
Other Relevant Information

Please refer to attached SEC Form 17-C

AMENDMENT 29.02.2024: Including overview/additional info on WESC prospective projects and the transferee-subsidiaries
Filed on behalf by:
Name Dominique Pascua
Designation Compliance Officer