Jadestone brings first hole from 2026 Malaysia infill campaign online

24th Jun 2026 16:40

(Sharecast News) - Jadestone Energy said the first well in its 2026 Malaysia infill drilling campaign had been brought online at about 3,000 barrels of oil per day.

The AIM-traded Asia-Pacific upstream producer said the EBA-18ST3 well on the PM323 production sharing contract was drilled around 20% below budget, despite including a 1,200-metre horizontal reservoir section and reaching a total measured depth of 4,866 metres.

Jadestone said the campaign had originally included two firm wells and a third contingent well targeting the southwest extension of the East Belumut field.

Following the performance of the first well and subsurface data gathered during drilling of the second, the third well had now been confirmed and drilling had started.

The company said its 2026 capital expenditure guidance remained unchanged at $50m to $80m.

Chief executive T. Mitch Little said the result was "an excellent start" to the drilling campaign and would significantly increase near-term Malaysia production, supported by stronger Brent crude prices and recent Malaysia oil sales attracting a $14 per barrel premium to Brent.

At 1614 BST, shares in Jadestone Energy were up 1.36% at 27.88p.

Reporting by Josh White for Sharecast.com.

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