Noisy images JPEG vs DNG

Hello, first post!

I’ve just had a go at processing my first batch of images from a new Theta Z1. I followed the DNG/Lightroom/Theta Stitcher workflow and ended up with very noisy images, unusable. On referring back to the unprocessed images I think both the JPEGs and DNGs are noisy but the DNGs are much more noisy than the JPEGs.

Can anybody suggest if I’m doing anything wrong. The ISO on these attached sample images is 200.

Sample Images