VAALCO Appoints New Chief Financial Officer:
VAALCO Energy, Inc. (NYSE: EGY; LSE: EGY) (‘VAALCO’ or ‘the company ‘) today announced that the Board of Directors has appointed Ronald Bain as CFO on 21 June 2021. Bain has more than 25 years of experience in the oil industry in a variety of financial roles and has extensive experience in the capital markets.
As previously stated, the board believes that the company’s growing presence in London, the leading financial and advisory center for African energy companies, will enhance VAALCO’s leadership ability and complement the company’s supportive shareholder base in the United States.
The European market is an important environment for the energy sector in Africa, with many VAALCO counterparties operating in the region, and most asset transactions in North Africa and sub-Saharan Africa take place in the European financial markets.
The council, therefore, considers it a strategically important investment to further expand its presence in London. Mr. Bain will work in the new London Business Development Office, but he will split his time between London and Houston.
George Maxwell, the CEO, said: “We are delighted that Ron has joined VAALCO as our CFO. He has significant experience in leadership roles in executive finance and a successful record in the largest capital market transactions. Ron’s experience in the board of directors of An E&P company, its leadership of large geographically diverse financial teams listed in the US and the UK, and its strong ties with the London banking and investment community make it an important addition to the partnership. ” Ron it worked. now with me in Eland, where he was an integral part of our success. ‘
About Ronald Bain
Mr. Bain is a chartered accountant (FCCA) who was previously CFO of Eland Oil & Gas Plc, where he served on the boards and various boards of related companies until the company was acquired by Seplat. Petroleum development from December 2019. plc. Previous To work for Eland, Bain led the planning of Baker Hughes’ financial integration for the GE Oil & Gas merger. He held various positions in Baker’s leading corporate finance organization and management positions at Baker Hughes and BJ Services for a period of 19 years.
Mr. Bain is invaluable in working with many African countries, especially in the areas of reporting, taxation, and compliance. In addition to the oil and gas industry, Mr. Bain was previously CFO of Donside Paper Company, where he achieved this position through a nine-year advancement in the financial organization.
Ron is a Chartered Accountant in 1993 with the Association of Certified Chartered Accountants, of which he is now a member of the Association. He is also certified by the Corporate Finance Institute in Financial Modeling & Valuation Analyst and has an award in International Financial Reporting (ACCA) and an award from Pension Trusteeship of the Pensions Management Institute. He received the Higher Scottish National Certificate in Accounting in 1987 from the Aberdeen College of Commerce.
Information about VAALCO
VAALCO was established in 1985 and is an independent energy company headquartered in Houston, USA, with manufacturing, development, and exploration operations in the West Africa region.
The company is based in the region with a 58.8% stake in the Etame Marin block, outside Gabon, which has so far produced more than 120 million barrels of crude oil and for which the company is the operator.