• Vaalco has agreed to divest its Canadian producing assets for US$25.6 mm, effective 1 February 2026. • Although the price is below our expectations, the Canadian portfolio is non‑core. In the context of (1) growing resource potential in Egypt following the successful H‑field exploration well in the Eastern Desert, and (2) the capital requirements associated with developing the Equatorial Guinea assets—where we estimate total project capex at approximately US$350 mm—we view the decision to recy ....