Wave energy converters are still a maturing technology and, as such, still face a series of challenges before they can compete with already-established technologies. One of these challenges is optimising the amount of energy extracted from the waves and delivered to the power grid. This study investigates the possibility of increasing the energy output of the existing hydraulic power take-off system of a wave energy converter made by Floating Power Plant during small-scale testing of their hybrid wind and wave energy platform. This system consists of a floater arm that rotates an axle when displaced by the waves. When the axle rotates, two hydraulic cylinders are actuated, displacing oil to run through a hydraulic motor driving an electric generator. The energy extraction is controlled by implementing a control algorithm on a series of on/off valves, which decouples the two hydraulic cylinders driving the hydraulic motor, and by varying the applied torque from the generator to match the wave conditions. Finally, it is investigated whether adding high-pressure pathways to the cylinder pressure chambers is beneficial for maximum power point tracking with reactive control. The analysis is conducted through a numerical model developed in Simulink and verified by comparison to the experimental setup supplied by Floating Power Plant. The study finds that a continuous valve switching strategy is optimal compared to end-point switching and reactive control with high-pressure pathways.