Jadestone Energy has brought the first well in its 2026 Malaysia infill drilling campaign online at around 3,000 barrels of oil per day.
The EBA-18ST3 well was drilled under the PM323 production sharing contract and came in about 20% below budget. The well includes a 1,200 m horizontal reservoir section and reached a total measured depth of 4,866 m, making it the longest well drilled so far on the East Belumut field.
Chief Executive Officer T. Mitch Little said the result supports Jadestone Energy’s operating capability in Malaysia and marks a strong start to the 2026 drilling program.
He said the well is expected to lift Malaysia’s production in the near term, supported by stronger Brent oil prices. The company’s latest Malaysia oil sales achieved a $14/bbl premium to Brent.
The campaign initially covered two firm wells and one contingent well targeting the southwest extension of East Belumut, which was identified during the 2023 infill program.
Following the performance of EBA-18ST3 and subsurface data from the second well, Jadestone Energy has confirmed the third well. Drilling of that well is already underway.
The company’s 2026 capital expenditure guidance remains unchanged at $50 million to $80 million.
Jadestone Energy booked Velesto’s NAGA 8 rig for four months from March to support infill drilling at the East Belumut Phase 9 project.
Little said the Malaysia result follows progress on the company’s Vietnam project and successful debt refinancing, adding that further updates on the second well are expected soon.
