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Jadestone Energy plc (AIM: JSE), an independent upstream production and development firm focused on the Asia-Pacific region, has successfully brought online its second well in the 2026 Malaysia infill drilling campaign, achieving a production rate of 2,800 barrels of oil per day (bopd). The EBA-07ST1 well was drilled approximately 13% under budget and established a new Malaysia record for extended reach drilling with a 4.1 extended reach drilling (ERD) ratio. Together with the first well in the programme, which produced around 3,200 bopd, these two wells have boosted East Belumut field production by over 150%, adding roughly 6,000 bopd in total.
Key Highlights
- Jadestone Energy plc (AIM: JSE) announced successful drilling and production start-up of EBA-07ST1, the second well in its 2026 Malaysia infill drilling campaign.
- The well achieved 2,800 bopd with a 930-metre horizontal reservoir section at a total measured depth of 5,473 metres.
- EBA-07ST1 set a new Malaysian extended reach drilling record with a 4.1 ERD ratio, surpassing the first well in the campaign by 600 metres in length.
- The combined output from the first two wells increased East Belumut field production by over 150%, underscoring Jadestone’s value creation strategy in mature assets.
- Drilling and completion of the third contingent well have been finalized, with results to be disclosed in due course.
Technical Milestone: Record-Breaking Extended Reach Well in Malaysia
Jadestone Energy has commissioned EBA-07ST1, the longest well drilled to date on the East Belumut field offshore Malaysia. The well reached a total measured depth of 5,473 metres, including a 930-metre horizontal reservoir section—600 metres longer than the first well in the 2026 campaign. This accomplishment marks a significant technical achievement for Jadestone’s in-house drilling capabilities and the wider Asia-Pacific upstream sector.
The 4.1 extended reach drilling ratio sets a new national record across all Malaysian basins, illustrating the advanced technical expertise required for such operations. This success highlights Jadestone’s investment in drilling proficiency and operational execution, enabling efficient reserve development from existing surface infrastructure. Holding a 60% interest in the East Belumut field, Jadestone’s record underscores its ability to manage complex extended reach drilling projects in stable Asia-Pacific jurisdictions.
Cost Efficiency and Budget Management in 2026 Malaysia Drilling Campaign
The second well was completed approximately 13% below budget, demonstrating strong cost discipline despite its technical complexity as an extended reach well setting a new Malaysian record. Effective cost control during challenging drilling operations reflects Jadestone’s operational competence and project management strength, key factors for investors evaluating management quality and shareholder value.
This budget efficiency builds on the successful first well announced on 24 June 2026, which achieved a peak production rate of about 3,200 bopd. Consistent delivery of wells on or under budget combined with robust production results supports Jadestone’s strategy to unlock value in existing fields through cost-effective drilling and completion. These outcomes provide investors with clear evidence of the company’s capital efficiency and operational execution capabilities.
150% Production Increase Validates Brownfield Development Approach
The first two wells in the 2026 Malaysia campaign have collectively increased East Belumut field production by over 150%, equating to an additional 6,000 bopd. This significant production uplift from a mature field validates Jadestone’s strategy of targeting reserves overlooked by previous operators through infill drilling.
Jadestone’s brownfield development strategy is central to its broader growth and diversification plan, combining organic developments like Nam Du/U Minh in Vietnam and the Puteri Cluster offshore Malaysia with strategic acquisitions. By focusing on mature assets, the company achieves incremental production at a capital-efficient rate compared to greenfield exploration. CEO T. Mitch Little emphasized that this production increase "further validates our proven capability to unlock reserves and create value in existing fields by identifying and executing on opportunities bypassed by previous operators." This approach delivers measurable shareholder value through technical expertise and operational knowledge in the Asia-Pacific region.
Third Contingent Well Drilling Complete; Results Awaited
Jadestone has completed drilling and completion of the third contingent well in the 2026 Malaysia campaign, with results to be announced in due course. The decision to proceed with this well was driven by the encouraging outcomes from the first two wells, reflecting management’s confidence in the asset’s development potential and quality drilling prospects in East Belumut.
No specific production data or timelines for the third well’s results have been provided yet. Investors will closely monitor the forthcoming update, which could further confirm the success of the infill drilling programme and contribute additional production growth. The timing and content of this disclosure will be important for assessing the full impact of the 2026 Malaysia campaign on Jadestone’s production trajectory.
Strategic Focus on Asia-Pacific Upstream and Stable Jurisdictions
Jadestone Energy operates as an independent upstream producer and developer with a diversified portfolio across Australia, Malaysia, Indonesia, and Vietnam. The company emphasizes stable jurisdictions with favorable upstream investment environments. The success of the 2026 Malaysia campaign demonstrates Jadestone’s ability to generate value from its Asia-Pacific assets, leveraging operational expertise and strong local partnerships.
Its growth strategy centers on organic developments such as Nam Du/U Minh and the Puteri Cluster, complemented by acquisitions aligned with its financial framework and regional strengths. The East Belumut field results contribute to this diversified portfolio by showcasing Jadestone’s capacity to unlock value in mature assets. Headquartered in Singapore, the company is well-positioned to capitalize on energy demand and infrastructure growth across the Asia-Pacific region.
Commitment to Energy Transition and Net Zero Goals
Jadestone Energy has pledged to achieve Net Zero emissions for Scope 1 and Scope 2 greenhouse gases from operated assets by 2040, aligning with the International Energy Agency’s Net Zero by 2050 scenario. The company focuses on responsible operations and energy transition positioning by increasing gas production and maximizing recovery from brownfield developments. This commitment reflects Jadestone’s dedication to sustainability and meeting stakeholder expectations on climate change and emissions management.
The IEA’s Net Zero by 2050 scenario highlights the need for continued investment in existing upstream assets to avoid energy crises and fulfill demand during the transition. Jadestone’s brownfield development strategy in the Asia-Pacific, exemplified by the East Belumut infill programme, supports this by enhancing production from existing infrastructure efficiently. For ESG-focused investors, Jadestone’s transition plan and Net Zero commitment provide insight into its long-term positioning within the evolving energy landscape.
Jadestone Energy’s Market Listing and Corporate Information
Jadestone Energy plc is listed on the AIM market of the London Stock Exchange under the ticker JSE. Headquartered in Singapore, it operates as an independent upstream producer with a regional focus across Asia-Pacific. The AIM listing grants access to UK and European capital markets, while the Singapore base supports operational management of regional assets.
Its legal entity identifier (LEI) is 21380076GWJ8XDYKVQ37. Additional details about Jadestone are available at www.jadestone-energy.com. For investors seeking exposure to independent upstream production in Asia-Pacific, Jadestone’s portfolio and technical expertise in brownfield development offer a focused investment opportunity. The successful 2026 Malaysia campaign reinforces the company’s operational credibility and capital allocation discipline.
Investor Relations and Broker Support
Jadestone maintains an active investor relations program led by Phil Corbett, Head of Investor Relations, reachable at +44 (0) 7713 687467 or [email protected]. The company is supported by Stifel Nicolaus Europe Limited and Berenberg as joint brokers and nominated advisors, with Camarco providing public relations advisory services. These partners facilitate communication and provide research coverage and market updates to investors.
Investors seeking further information on Jadestone’s operations, financials, or the 2026 Malaysia drilling campaign can contact the company via these channels. Regular updates on drilling results, production, and strategic developments are issued through regulated news services, ensuring transparency and timely shareholder communication. The breadth of advisory support reflects Jadestone’s standing in the listed upstream sector and commitment to high standards in investor relations.
This article is for informational purposes only and does not constitute investment advice. The information is based on an official company announcement and publicly available sources. Investors should not rely solely on this article for investment decisions. The upstream oil and gas sector entails significant risks including commodity price volatility, operational hazards, regulatory changes, and energy transition uncertainties. Readers should seek independent financial and professional advice tailored to their circumstances, objectives, and risk tolerance before investing in Jadestone Energy plc or other securities. Past performance is not indicative of future results. All data and statements reflect the company announcement dated 20 July 2026 and information available at that time.
