Jadestone Energy reported that production has risen to around 19,000 barrels of oil equivalent per day (boepd) following the restart at its CWLH field, but 2026 production guidance of 16,000 to 18,000 boepd remains unchanged.
The AIM-listed independent upstream company, which operates production and development assets across Australia, Malaysia, Indonesia and Vietnam, said the figure follows repairs to a subsea riser J-tube at CWLH that had kept the field offline since the Okha FPSO's scheduled dry-dock earlier in 2026.
Production and well testing resumed in late September, with all but one of the field's production wells now back online, producing around 8,000 barrels of oil per day gross (approximately 2,700 bopd net) in recent days.
An assessment of the final well identified an issue requiring remediation, and the operator is evaluating options to restore production from it.
Previously downgraded expectations
Jadestone's full-year guidance cut in July, to 16,000-18,000 boepd from 18,000-21,000 boepd, had already reflected cyclone damage to the CALM buoy at the Stag field and the delayed CWLH restart, partly offset by strong Malaysia drilling results; the company now expects deployment of a replacement CALM buoy to Stag in the first quarter of 2027, ahead of a resumption of production in the second quarter of that year.
The company is in the final stages of discussions with a select list of counterparties for a farm-out of its Nam Du/U Minh project in Vietnam, with key development contracts also nearing completion.
Parties to the project's Gas Sales and Purchase Agreement extended the conditions precedent period in late October to allow for finalisation of contract awards, and Jadestone continues to target a final investment decision before the end of 2026.
At Montara, the company's offshore Australia asset, a cargo of approximately 300,000 barrels of crude was lifted in early October at a realised price of around US$133 per barrel, reflecting average Dated Brent for October plus a premium of approximately US$8 per barrel; the field has averaged around 97% uptime since a re-injection compressor upgrade earlier in 2026.
Read more about Jadestone Energy
- 29/07/26Jadestone cuts 2026 production guidance after Stag and CWLH delays
- 20/07/26Jadestone's second Malaysia well flows at 2,800 bopd
- 24/06/26Jadestone Energy first Malaysia well flows at 3,000 bopd and unlocks third drill
In Peninsular Malaysia, year-to-date production is running ahead of expectations following the Phase 9 drilling programme on the PM323 field, with unplanned downtime of around 4% year to date, and negotiations continue with the Malaysian regulator over an extension to the PM323 production sharing contract on improved terms.
Hedging and debt reduction
The company has approximately 0.8 million barrels hedged over the six months to March 2027 at a weighted average price of US$81.45 per barrel, representing around 47% of forecast oil and condensate liftings over the period.
Jadestone's unaudited half-year results, due 27 August, had already disclosed net debt of US$25.7 million at 30 June, down from US$89.1 million at the end of December, following a US$200 million bond issue in March that was used partly to repay its reserves-based lending facility.