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Jadestone Energy PLC on Wednesday announced that its first well in the 2026 Malaysia infill drilling campaign on the PM323 production sharing contract has been successfully drilled and brought online. The Singapore-based oil and gas company said at the production at the well is around 3,000 barrels of oil per day. ‘Based on the strong performance of the first well and the subsurface data gathered during drilling of the second well, the third well has now been confirmed and drilling has commenced,’ Jadestone said, adding that its 2026 capital expenditure guidance of $50 million to $80 million remains unchanged. The firm said that the first well in the 2026 campaign, EBA-18ST3, was drilled at around 20% below budget, citing this as an ‘excellent result considering the 1,200 metre horizontal reservoir section in the well at a total measured depth of 4,866 metres, the longest of any well drilled to date on the East Belumut field.’ Chief Executive Officer T. Mitch Little 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 $14 per barrel 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.’ Jadestone shares were flat at 27.50 pence each on Wednesday around noon in London, and are 28% higher than a year ago. Copyright 2026 Alliance News Ltd. All Rights Reserved.
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