• 2Q25 production of 23.15 mbbl/d and net cash of US$242 mm at the end of June have been previously disclosed. • Valeura’s average production over the first five days of August has increased to 23,150 bbl/d. The company has re-iterated its FY25 guidance including 23-25.5 mbbl/d for production. • With no further corporate tax payable in Thailand for the remainder of 2025, we forecast YE25 net cash to rise to US$310 mm—equivalent to ~45% of the current market cap. The shares continue to offer dee ....