Jadestone Energy Shares Advance on Strong Production Results from Malaysian Field

Jadestone Energy PLC has seen its shares rise approximately 6% following the announcement of successful drilling results from its East Belumut field in Malaysia. The independent oil and gas producer reported that its initial two wells from the 2026 East Belumut campaign have increased production from the field by more than 150%, contributing an additional 6,000 barrels of oil per day.

The second well, designated EBA-07ST1, commenced production at a rate of 2,800 barrels of oil per day. This follows the first well, announced in June, which achieved a peak rate of approximately 3,200 barrels of oil per day. The company completed the latest well approximately 13% below the allocated budget, featuring a 930-metre horizontal reservoir section and reaching a total measured depth of 5,473 metres.

The well’s 4.1 extended-reach drilling ratio represents a new record for Malaysia, according to the company. Chief executive T. Mitch Little stated that the results provide additional validation of Jadestone’s capacity to unlock reserves and enhance production from opportunities overlooked by previous operators.

The company has completed drilling and completion operations on a third well, with results expected to be disclosed shortly. Jadestone maintains a 60% working interest in the East Belumut field, positioning it as the operator and principal beneficiary of the increased production.

The market response has been positive, with Jadestone Energy shares trading at 31 pence on the AIM market, representing a 6% gain on the day. The successful execution of the drilling programme demonstrates the company’s operational efficiency and its ability to deliver projects under budget whilst achieving production targets.

The East Belumut campaign represents a significant development for Jadestone as it seeks to maximise value from its Southeast Asian asset base. The production increase provides meaningful cash flow enhancement for the company at a time when oil prices remain supportive of offshore development activities.