Jadestone Energy plc is producing from the first well in the 2026 Malaysia infill drilling campaign on the PM323 PSC in Malay basin, offshore Peninsular Malaysia.

Well EBA-18ST3, the first in the 2026 campaign, was drilled to 4,866-m MD with a 1,200-m horizontal reservoir section. This represents the longest well drilled to date in East Belumut field. The well was drilled about 20% under budget and is now flowing at about 3,000 bo/d.

The 2026 Malaysia drilling campaign originally included two firm wells and a third contingent well targeting the southwest extension of East Belumut field, which was identified in the 2023 infill program. Based on the strong performance of the first well and the subsurface data gathered during drilling of the second well, the third well has now been confirmed and drilling has commenced. The Group’s 2026 capital expenditure guidance of $50-80 million remains unchanged.

PM 323 includes three producing fields: Chermingat, East Belumut, and West Belumut. The fields lie in about 72 m of water in Malay basin. The Chermingat, East Belumut and West Belumut fields have been developed by way of a wellhead platform connected to a Central Processing Platform at the East Belumut field. Produced gas is reinjected to maintain pressure support, and oil is exported via a pipeline to an onshore oil terminal.

Jadestone is operator at PM 323 (60%) with partner Petronas Carigali (40%).