Vaalco Energy has appointed Ron Bain as its new CFO. He replaces Elizabeth Prochnow who retired in March.
Vaalco is based in the Westchase area of Houston and has a market capitalization of $182 million. Its main revenue is from offshore Gabon in West Africa. It also has an undeveloped block in offshore Equatorial Guinea.
Mr Bain will be based out of the London office. He was previously the CFO at Eland Oil & Gas Plc where he worked alongside CEO George Maxwell, who was appointed in April. Eland was an E&P company primarily focused on Nigeria.
Mr Bain previously worked for Baker Hughes and led the financial integration planning for the merger of Baker Hughes and GE Oil and Gas. Prior to that he was the regional accounting director for Europe, Africa and Russia for Baker Hughes.
Mr Bain will receive a base salary of $330,000.