• FY25 WI production averaged 21,150 boe/d, landing comfortably within the upgraded guidance range of 20.8–22.2 mboe/d.
• Vaalco ended FY25 with US$58.8 mm in cash, an increase of ~US$35 mm versus end‑September levels, achieved without drawing further on the RBL facility.
• YE25 net debt position (based on cash and debt and excluding the rest of the balance sheet) was just US$1 mm, far below our expectation of ~US$100 mm. This reflects a substantial positive working‑capital swing, including a US ....
