Jadestone Energy Inc

Jadestone Energy has commenced production from the first well in its 2026 infill drilling campaign at the PM323 production sharing contract offshore Peninsular Malaysia. The EBA-18ST3 well was drilled around 20% below budget and is producing nearly 3,000 barrels of oil per day. Following this performance and data collected while drilling a second well, Jadestone has decided to proceed with the third well, which was originally contingent and targets the south-west extension of the East Belumut field. The company's 2026 capital expenditure guidance of $50 million to $80 million remains unchanged. Jadestone holds a 60% operated interest in the PM323 PSC, with Petronas Carigali owning the remaining 40%.