Upstream production and development company, Jadestone Energy, has brought online the first well at ~3,000 bopd as part of its 2026 Malaysia infill drilling campaign on the PM323 PSC. 

Currently, the company is focussing on drilling the third contingent well which was confirmed for operations after the first two wells originally planned for the campaign. Identified in the 2023 infill programme, this well targeted the southwest extension of the East Belumut field. 

The first of the two firm wells reported strong performance while the second was drilled on the basis of encouraging subsurface results. The Group's 2026 capital expenditure guidance[1] of US$50-80 million remains unchanged. 

The company achieved 20% cost savings for operations in the first well, even though it was the longest well drilled on the East Belumut field. It involved tackling complex operations, targeting a 1,200 metre horizontal reservoir section in the well at a total measured depth of 4,866 metres.

T Mitch Little, Chief Executive Officer of Jadestone, said, "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."