Malaysia
Jadestone's assets in Malaysia consist of four operated PSCs offshore Peninsular Malaysia, two of which are producing.
PM 323 PSC
Jadestone owns a 60% operated working interest in the PM 323 production sharing contract, which includes three producing fields: Chermingat, East Belumut and West Belumut, in water depth of approximately 72 metres, in the Malay Basin, offshore Peninsular Malaysia.
The Chermingat, East Belumut and West Belumut fields has been developed by way of a wellhead platform, which are connected to a Central Processing Platform at the East Belumut field. Produced gas is re-injected to maintain pressure support, and oil is exported via a pipeline to an onshore oil terminal. PETRONAS Carigali holds the remaining 40% working interest.
In August 2023, Jadestone commenced an infill well programme of four wells on the East Belumut field. This campaign delivered significantly ahead of expectations – first oil was achieved two months earlier than expected. By adding four new horizontal oil producers, field production was quadrupled and exceeded target, with incremental gross oil production of c.8,000 bbl/d. The infill campaign delivered incremental gross reserves of 4.2 mmbbls, including 1.3 mmbbls from the existing wells on the field after the economic limit was extended by c.3 years. Further infill drilling on the PM323 licence is currently planned to commence in 2026.
Jadestone’s net production from the PM323 PSC averaged 3,484 bbls/d in 2024. Net 2P reserves for the asset at 31 December 2024 were 4.3 mmbbls.
Puteri Cluster PSC
In July 2024, through the Malaysia Bid Round Plus, Jadestone was awarded a 100% participating interest in the Puteri Cluster PSC offshore Peninsular Malaysia by Petroliam Nasional Berhad (“PETRONAS”), through Malaysia Petroleum Management.
The Puteri Cluster PSC is located in shallow waters offshore Peninsular Malaysia. It is surrounded by the PM428 PSC, in which a 60% operated interest was awarded to Jadestone in 2024 through the MBR 2023.
The Puteri Cluster PSC includes the Penara, Puteri, Padang and North Lukut fields, assets in which Jadestone previously held a 50% non-operated interest (through the PM318 PSC and the Abu, Abu Kecil, Bubu, North Lukut and Penara PSC) following the Company’s entry into Malaysia in August 2021. The Puteri Cluster PSC fields were producing at a gross rate of 5,000 boe/d in early 2022 prior to production shut-in.
Jadestone currently estimates that the Puteri Cluster PSC contains c.15 mmbbls of gross 2C contingent resources. Leveraging the experience gained through the very successful 2023 infill drilling campaign on the PM323 licence, Jadestone believes there is the potential for significant upside from future infill drilling across the existing Puteri Cluster fields as well as prospects and leads on the surrounding PM428 PSC. The Company intends to continue its technical assessment of the Puteri Cluster prior to a decision on submission of a field development and abandonment plan to PETRONAS.
PM 329 PSC
Jadestone owns a 70% operated working interest in the PM 329 production sharing contract, which includes the producing East Piatu field, in water depth of approximately 63 metres in the Malay Basin, offshore Peninsular Malaysia.
East Piatu has been developed by way of a wellhead platform and central processing platform, connected to both oil and gas export pipelines. PETRONAS Carigali holds the remaining 30% working interest in the PM329 PSC.
Jadestone’s net production from the PM329 PSC averaged 1,501 boe/d in 2024. Net 2P reserves for the asset at 31 December 2024 were 3.1 mmboe.
PM428 PSC
As part of the Malaysia Bid Round 2023, Jadestone was awarded the PM428 PSC as operator with a 60% interest, with the joint venture partner being Petronas Carigali.
The PM428 PSC represents potential upside in the event that Jadestone is successful in its application for the Puteri Cluster (see left), since it not only surrounds the Puteri Cluster, but is also in close proximity to the Jadestone operated PM323 and PM329 PSCs.
The PM428 award carries a minimal financial commitment to reprocess some existing seismic.
Kuala Lumpur Technical Centre
Kuala Lumpur is opportunely located at the heart of Jadestone’s core focus region, providing capability, convenience and substantial cost advantages.
People are Jadestone’s most important asset, and Malaysia is an excellent source of well-educated technical talent in the Asia-Pacific region.
Jadestone employs mostly Malaysian nationals as well as a small number of expatriates, including those from within the Asia-Pacific region, at its Kuala Lumpur office. This team helps drive our continued success throughout Asia-Pacific.
The Kuala Lumpur office provides core group accounting, finance, planning, and information technology. In addition, Malaysia is the centre of our key subsurface technical resource, supporting the group’s corporate and business development objectives.
