• 2Q25 production was 21.4 mbbl/d, which is very close to our forecast (~22 mbbl/d). • The company reported a net cash position of US$241.9 mm at end-June, significantly above our expected US$210 mm. This reflects both the timing of capital expenditures across 2025 and continued strong operating performance. • Despite a high oil inventory level of 0.93 mmbbl at end-June (vs. 0.89 mmbbl at end-March), the free cash flow was ahead of our expectations. For reference, YE24 inventory stood at 0.64 m ....