Vaalco Energy has appointed Cary Bounds as its new chief executive officer (CEO) and board member of the company effective 29 December 2016.
Bounds has been serving as the chief operating officer (COO) for Vaalco for the past 18 months and as the interim CEO for the past five months.
Bounds has over 25 years of domestic and international asset management, business development, planning and technical engineering experience at large, multinational energy companies as well as at mid-sized and larger independent E&P companies.
Immediately prior to joining Vaalco, Bounds was business unit manager, Equatorial Guinea Assets and country manager, North Sea at Noble Energy. He earned a Bachelor of Science degree in Petroleum Engineering from Texas A&M University.
“After conducting an extensive search, the board firmly believes that Mr. Bounds is the right person to lead the company. Cary has done an exceptional job as Vaalco’s COO and more recently as the interim CEO,” Andrew Fawthrop, Vaalco chairman of the board of directors said. “As interim CEO, he was instrumental progressing several strategic initiatives, including our acquisition of an additional working interest in the Etame Marin permit, the strategic decision to exit Angola and discontinue operations in that country and the disposition of some of our small US positions. In addition, Cary’s leadership has been critical to managing costs during this period of low commodity prices. The Board has full confidence in Cary’s strategic vision for Vaalco. With the recent improvement in the commodity market and Cary’s appointment as CEO, we believe Vaalco is poised to capitalize on opportunities to add value to its shareholders and to benefit from the expected recovery of the industry.”
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