VAALCO Board Member George Maxwell Named Chief Executive Officer and Company Updates Strategic Focus

HOUSTON, April 12, 2021 (GLOBE NEWSWIRE) -- VAALCO Energy, Inc. (NYSE: EGY; LSE: EGY) (“VAALCO” or the “Company”) today announced that its Board of Directors has named George Maxwell as Chief Executive Officer effective April 12, 2021. Mr. Maxwell, who has been a Non-Executive Director of the Company since June 2020 and resides in the U.K., will continue to serve as a member of the Board. Cary Bounds who has served as Chief Executive Officer since 2016 will leave VAALCO to pursue other interests. The Company also provided details on its newly updated forward strategy.

The Company’s stated goal is to continue to be one of the leading independent exploration and production companies in West Africa, with a strategy of achieving significant shareholder returns by maximizing the value of, and free cash flow from, its existing resources, coupled with highly accretive inorganic growth opportunities. The Board believes that Mr. Maxwell’s recent achievement of founding, building, and selling a successful African energy company, as well as his significant experience serving in executive leadership positions, a proven track record in M&A and strong ties to the European, American and African capital market communities will complement and accelerate the Company’s ability to achieve this strategy.

The Board believes that enhancing the Company’s corporate presence in London, the primary financial and advisory hub for African energy companies, will augment the experience within VAALCO’s leadership and complement the Company’s supportive equity shareholder base in the U.S. With a majority of transactions for North Africa and Sub-Saharan Africa energy companies taking place within the European financial markets, and a large part of the Company’s peer group active within this environment, it is strategically important to have an enhanced presence within this market environment.

Further to VAALCO’s successful dual listing on the London Stock Exchange, the Company intends to open a business development office in London and appoint a permanent Chief Financial Officer who will be based in this new London office.  Mr. Maxwell expects to split his time equally between Houston and London. The VAALCO executive leadership team intends to maintain its strong relationship with the Gabonese government.

Andrew Fawthrop, VAALCO’s Chairman of the Board, commented, “We are excited to begin the next chapter of VAALCO’s 35-year history with our decision to increase our presence in the U.K. and international markets, a move that we believe will support VAALCO’s ambition to maximise shareholder returns. 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.”