Fossil Energy
The Asia-Pacific-focused upstream company Jadestone Energy has drilled and brought its first well online in the 2026 Malaysia infill drilling campaign on the PM323 production-sharing contract.
This discovery is now delivering around 3,000 barrels of oil per day (bpd).
The EBA-18ST3 well, the first of the campaign, was drilled around 20% below budget and includes a 1,200-metre horizontal reservoir section at a total measured depth of 4,866 metres. This makes it the longest well drilled to date on the East Belumut field.
The 2026 Malaysia campaign originally included two firm wells and a third contingent well, which target the south-west extension of the East Belumut field, as identified during the 2023 infill programme.
Based on the performance of the first well and the subsurface data gathered while drilling the second, Jadestone has confirmed that the third well will go ahead, and drilling has started.
“Our established operating capabilities in Malaysia, combined with our renewed focus on operational excellence, have been further validated by the outcome of the EBA-18ST3 well. This is an excellent start to this year’s drilling campaign and will significantly boost our production in Malaysia in the near term, against the backdrop of rising Brent oil prices. Our most recent oil sales in Malaysia attracted a premium of US$14/bbl over Brent.”
“Following the significant progress made on our Vietnam project earlier this year and the successful refinancing of our debt, this is further evidence that our business is executing its plan and strategy. We look forward to updating the market further on the second well in the campaign in the near future,’ said T. Mitch Little, Jadestone’s Chief Executive Officer.”
