Vaalco Energy’s non-executive director moves to president role

  • Business & Finance

Houston-based oil and gas company Vaalco Energy has named a new president of the company, effective February 1, 2020.

Illustration; Source: Vaalco

Vaalco said on Monday that it had named William R. Thomas, a non-executive director for the past nine months, as its new president. Thomas will continue to serve on the board of directors.

The company added that his appointment would enhance the existing organizational structure and that the appointment of an experienced executive, with a commercial background in investment banking, and proven track record for M&A-led value creation, would support the company’s inorganic growth ambitions.

Thomas will be responsible for Vaalco’s strategic M&A activity, while Cary Bounds will manage the other aspects of the business in his ongoing role as chief executive officer. Both positions will report to the board of directors.

With this appointment, Vaalco’s board will continue to have five members, three of whom are independent.

Thomas has over 30 years of experience in the international energy industry. He has held management and executive positions with Pennzoil and Amoco Corp. In 1986, he entered investment banking with the mergers and acquisitions department of Bankers Trust Company and advised energy clients on upstream mergers and acquisitions.

Since 1992, Thomas spent a number of years working in senior leadership positions internationally, focused particularly on emerging markets. As CEO, he has led the growth of a number of exploration and production companies.

Andrew Fawthrop, Vaalco’s chairman, said: “We are at a key inflection point for Vaalco. Our strategy is to grow the company, both by developing our existing asset base and through M&A.

“We are fortunate to have such a diverse depth of experience and expertise to ensure our strategy succeeds for the benefit of our shareholders. Thomas has many years of successful M&A experience and is highly qualified to lead Vaalco’s growth.

“We believe that with Mr. Thomas as President focusing on external growth and Mr. Bounds managing our ongoing operations, Vaalco is well-positioned for the future.”

As for operational updates, it is worth reminding that Vaalco Energy restored production at two Etame field wells offshore Gabon last week, following workover operations.

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