Houston-based VAALCO Energy has selected George Maxwell to succeed Cary Bounds as the company’s new chief executive officer effective April 12, 2021.
Maxwell, who has been a non-executive director of the company since June 2020, will continue to serve as a member of the board.
Andrew Fawthrop, VAALCO’s chairman of the board, commented: “We are very fortunate to have George Maxwell serve as our new CEO as he has significant experience serving in executive leadership positions, a proven track record in corporate and M&A activities and strong ties to the London investment community. He has gotten to know our company well since joining our board in June of last year and can therefore ensure a smooth transition of leadership. He has provided invaluable insight and his knowledge of the international energy and capital markets have made him an important resource for us and we look forward to his leadership as our new CEO.”
Maxwell founded Eland Oil & Gas in 2009 and served as the company’s CEO and as a member of the board of directors, until the company was acquired by Seplat Petroleum Development Company in 2019.
George Maxwell stated: “I’m excited by this opportunity to build on a successful foundation and lead the existing teams to grow the company to the next level. The positions we have in Gabon and Equatorial Guinea provide exciting development opportunities to enhance our business and provide a strong platform for investors.
“In this current and future market environment, I believe it is paramount that businesses are sustainable in order to provide benefits to all stakeholders, with a focus on growth and investor returns. This is one of the guiding principles I successfully applied in my previous executive role and I believe VAALCO is in an excellent position to ultimately achieve this.”
VAALCO also said it intends to open a business development office in London and appoint a permanent chief financial officer.