• 4Q24 production was 25,300 boe/d; which is in line with our expectations. • The YE24 WI 2P reserves were estimated at 96.1 mmboe) Adjusting for the acquisition of the Ivory Coast assets, the company has organically replaced over 100% of the FY24 production of ~9 mmboe. This exceeds our expectations and reflects the strong performance of Vaalco’s various assets. • Vaalco expects to produce 19.3-22.3 mboe/d in 2025 with a capex of US$270-300 mm. The guidance is below our forecast of 24.9 mbbl/d, ....