Houston-based Vaalco Energy has informed that Elizabeth Prochnow, its chief financial officer (CFO), has elected to retire effective 31 March 2021.
Prochnow’s departure is not related to any issues regarding strategy, financial disclosures, accounting or legal matters, or any disagreements with management or the board, Vaalco emphasised in a statement on Friday.
The company has initiated an executive search to fill the CFO position. Following Prochnow’s retirement, Jason J. Doornik , Vaalco’s Chief Accounting Officer and Controller will serve as a principal financial officer until a new CFO has been named.
Prochnow was named Vaalco CFO on 1 April 2019 following the resignation of Phil Patman.
Before that, she served as Vaalco’s Chief Accounting Officer since joining the company in March 2015.
Prior to joining Vaalco, Prochnow had a long career with a variety of finance management positions primarily with publicly traded companies including a number of companies in the energy sector.
Cary Bounds , Chief Executive Officer, commented, “We wish Liz the very best in her retirement as she plans to spend time travelling with her husband who has also recently retired and spend more time with her family. Liz has had a very meaningful impact on Vaalco during her six years with us and has been an integral member of our management team.
Bounds added: “She played a significant role in our financial transformation in the last three years and was instrumental in our recent acquisition of additional interest in Etame. We will all miss Liz’s financial and strategic insight”.
In recent company news, Vaalco in February 2021 closed the acquisition of Sasol’s 27.8 per cent working interest in the Etame Marin block offshore Gabon.
As a result, Vaalco now holds a 58.8 per cent stake in the block and has nearly doubled its total production and reserves. This increases net revenue interest production from 4,850 to 9,150 barrels of oil per day based on current month production.