Jadestone Energy (LSE:JSE) has successfully completed and brought online the second well in its 2026 Malaysia infill drilling programme, with the EBA-07ST1 well producing approximately 2,800 barrels of oil per day. The well was drilled around 13% under budget and features a 930-metre horizontal section, reaching a total measured depth of 5,473 metres. It is the longest well drilled at the East Belumut field and has set a new Malaysian record with an extended reach drilling ratio of 4.1.
Combined with the first well in the campaign, which reached peak production of around 3,200 barrels of oil per day, the two wells have increased production at the East Belumut field by more than 150%. Together they have added approximately 6,000 barrels of oil per day, encouraging the company to proceed with a third contingent well. Jadestone believes the results demonstrate the potential to unlock additional reserves from mature fields while supporting higher production, stronger cash generation and increased value across its Asia-Pacific asset portfolio.
Although operational performance continues to improve, the company’s financial outlook remains constrained by negative shareholder equity and relatively high leverage. These challenges are partly offset by stronger operating cash flow, positive technical momentum and a comparatively low price-to-earnings valuation.
More about Jadestone Energy
Jadestone Energy plc is an independent upstream oil and gas company focused on the Asia-Pacific region, with producing assets across Australia, Malaysia, Indonesia and Vietnam. The company specialises in acquiring and optimising mature oil and gas fields, using operational improvements and targeted investment to increase production and extend asset life.
Alongside growing production, Jadestone is expanding its natural gas portfolio and pursuing emissions reductions across its operations. The company has committed to achieving net zero Scope 1 and Scope 2 emissions from its operated assets by 2040 while continuing to invest in existing upstream projects that support long-term energy supply.
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