VAALCO Energy, Inc. (NYSE, LSE: EGY) has announced that its board of directors has named Ronald Bain as the company’s new chief financial officer (CFO), effective June 21.
Bain will be based in the company’s recently established London business development office and will split his time between London and Houston, according to VAALCO Energy.
The newly appointed CFO has over 25 years of oil industry experience in a variety of financial roles and significant capital markets experience, the company noted. He has previously worked as the chief financial officer of Eland Oil & Gas Plc, where he served on the board until the company was acquired by Seplat Petroleum Development Plc in December 2019. Prior to working for Eland, Bain led the financial integration planning for Baker Hughes on the GE Oil & Gas merger.
In a statement posted on its website, VAALCO Energy noted that its board believes that enhancing the company’s corporate presence in London will augment the experience within VAALCO Energy’s leadership and complement the company’s supportive equity shareholder base in the United States. VAALCO Energy said the European market is an important environment for the African energy sector, and as such, the board views it as a strategically important investment to further grow its presence in London.
“We are excited to have Ron joining VAALCO as our CFO,” George Maxwell, the company’s chief executive officer, said in a company statement.
“He has significant experience in financial executive leadership roles and a history of successfully leading capital markets transactions. Ron’s experience serving on the board of an E&P company, his leadership of large geographically diverse financial teams listed in both the U.S. and U.K. and strong ties to the London investment and banking community make him an important addition to the company,” he added.
“Ron worked closely with me at Eland where he was an integral part of our success,” Maxwell went on to say.
Back in March, VAALCO Energy announced that its CFO Elizabeth Prochnow had elected to retire, effective March 31. Prochnow’s departure was not related to any issues regarding strategy, financial disclosures, accounting or legal matters, or any disagreements with management or the board, the company noted at the time, adding that it had initiated an executive search to fill the CFO position.
In April, VAALCO Energy announced that its board had named Maxwell as its CEO, effective April 12. Maxwell had been a non-executive director of the company since June 2020. Cary Bounds, who had served as CEO since 2016 was said to have left the company to pursue other interests.
Founded in 1985, VAALCO is a Houston based independent energy company with production, development, and exploration assets in the West Africa region.
To contact the author, email andreas.exarheas@rigzone.com
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