Asia-Pacific focused upstream company Jadestone Energy has drilled and brought online its first well in the 2026 Malaysia infill drilling campaign on the PM323 production sharing contract, which now delivers around 3,000 barrels of oil per day (bpd).
The first well, EBA-18ST3, was drilled around 20% below budget and includes a 1,200-metre horizontal reservoir section at a total measured depth of 4,866 meters, making it the longest well drilled to date on the East Belumut field.
The 2026 Malaysia campaign originally included two firm wells and a third contingent well targeting the southwest extension of the East Belumut field identified during the 2023 infill program.
Based on the performance of the first well and subsurface data gathered during drilling of the second well, Jadestone said the third well has now been confirmed and drilling has started.
"Our established operating capabilities in Malaysia, combined with our refreshed focus on operational excellence, have been further validated by the outcome of the EBA-18ST3 well. The result is an excellent start to this year's drilling campaign and will significantly increase our Malaysia production in the near-term against the backdrop of strengthened Brent oil prices, with our most recent Malaysia oil sales attracting a US$14/bbl premium to Brent.
"Following on from the significant progress on our Vietnam project earlier this year and the successful debt refinancing, this is further evidence of a business that is executing on its plan and strategy. We look forward to updating the market further on the second well in the campaign in the near-future," said T. Mitch Little, Chief Executive Officer of Jadestone.
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