• 1Q26 WI production averaged 19,884 boe/d, broadly in line with our forecast of 19,640 boe/d and the company’s guidance range of 18.7–20.6 mboe/d. • Following the recently announced positive drilling results in Gabon, WI production is expected to increase from 7.5 mbbl/d in 1Q26 to 9.9–10.9 mbbl/d in 2Q26. • In Egypt, Vaalco commenced drilling in May. The programme includes six incremental wells not included in the original budget helping mitigate decline. 2Q26 production is expected at 10.4–1 ....