• 1H25 production of 5,642 boe/d and net cash of US$22.6 mm at the end of June had been reported previously. • 1H25 operating cashflow was US$16.1 mm, exceeding our forecast of US$13.4 mm, driven by stable output at TGT—Pharos’ most profitable asset. • The FY25 production guidance range has been narrowed from 5.0-6.2 mboe/d to 5.2-6.0 mboe/d. We forecast ~5.6 mboe/d. • Egyptian receivables currently stand just above US$30 mm, down from US$33.5 mm at end-June, following a US$5.6 mm payment recei ....