Jadestone Energy PLC (AIM:JSE) shares climbed around 6% on Monday after the small-cap firm announced that its first two wells from the 2026 East Belumut campaign have lifted production from the Malaysian field by more than 150%, adding around 6,000 barrels of oil per day.
The second well, EBA-07ST1, was brought online at 2,800 bopd, following a peak rate of roughly 3,200 bopd from the first well announced in June.
Jadestone drilled the latest well around 13% below budget, with a 930-metre horizontal reservoir section and a total measured depth of 5,473 metres. Its 4.1 extended-reach drilling ratio set a new Malaysian record, the company said.
Chief executive T. Mitch Little said the results further validated Jadestone’s ability to unlock reserves and increase production from opportunities bypassed by previous operators.
Drilling and completion work on a third well has concluded, with results due in the near future. Jadestone holds a 60% interest in East Belumut.
In London, Jadestone Energy shares climbed 6% changing hands at 31p.
