VAALCO Energy Inc. on June 21 announced the appointment of Ronald Bain as CFO, which the Houston-based E&P company said is part of a new strategy.
Bain, who has over 25 years of oil industry experience, previously led the financial integration planning for Baker Hughes Co. on the GE Oil & Gas merger. He also held a variety of regional accounting directorship roles within Baker’s flagship enterprise finance organization and controller positions for both Baker Hughes and BJ Services over a 19-year period.
Most recently, Bain served as CFO at Eland Oil & Gas Plc until the company was acquired by Seplat Petroleum Development Plc in December 2019. Eland is a Nigeria-focused E&P company founded by George Maxwell, who currently serves as CEO of VAALCO Energy.
In a statement commenting on Bain’s appointment, Maxwell noted that Bain had worked closely with him at Eland where he was an integral part of the company’s success.
“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,” Maxwell said.
VAALCO, founded in 1985, is a Houston-based, independent energy company with production, development and exploration assets in the West African region. Maxwell was named CEO of VAALCO in April concurrently with the launch of the company’s strategy of enhancing its corporate presence in London, which the VAALCO board believes is the “primary financial and advisory hub for African energy companies.”
“The European market is an important environment for the African energy sector, with many of VAALCO’s peers active within the region and the majority of transactions for North Africa and Sub-Saharan Africa assets taking place within the European financial markets. As such, the board views it as a strategically important investment to further grow its presence in London,” the company said in a June 21 release.
Bain’s appointment as CFO took effect June 21. He will be based in the company’s recently established London business development office where he will split his time between London and Houston, according to the company release.
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