Jadestone Energy has delivered a successful start to its 2026 infill drilling campaign in Malaysia, with the first well on the PM323 production sharing contract entering production at approximately 3,000 barrels of oil per day. The well was completed around 20% below budget despite being the longest horizontal well drilled to date in the East Belumut field, highlighting the company’s focus on operational efficiency and cost control.
Encouraged by the performance of the first well and positive subsurface results from the second well in the programme, Jadestone has approved the drilling of a third well. The additional activity will be undertaken without changing the company’s previously announced 2026 capital expenditure guidance of US$50 million to US$80 million.
The results reinforce Jadestone’s strategy of increasing production from existing assets while maintaining disciplined investment across its portfolio. Management noted that the Malaysian programme is benefiting from supportive Brent crude prices and premium pricing achieved for its Malaysian oil production.
The campaign follows other operational milestones achieved across the group’s Asia-Pacific portfolio, including progress in Vietnam and the completion of a recent refinancing initiative that strengthened the company’s financial flexibility.
Jadestone continues to pursue a growth strategy centred on maximising value from mature producing assets through targeted development activity, operational improvements and selective acquisitions. The strong performance of the Malaysian wells demonstrates the company’s ability to enhance production while managing costs, providing improved visibility over near-term cash flow generation.
Management believes the latest drilling success further strengthens Jadestone’s position as a leading independent upstream producer in the Asia-Pacific region and supports its broader objective of delivering sustainable production growth and long-term shareholder value.
More about Jadestone Energy
Jadestone Energy is an independent oil and gas producer focused on the Asia-Pacific region, with producing and development assets across Australia, Malaysia, Indonesia and Vietnam. Headquartered in Singapore, the company specialises in acquiring and optimising mature upstream assets, using operational expertise to increase production, improve efficiency and extend field life. Jadestone is also expanding its gas exposure as part of its long-term strategy and has committed to achieving Net Zero Scope 1 and Scope 2 emissions by 2040.
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