Africa-focused oil and gas firm Vaalco Energy said Friday its Chief Financial Officer Elizabeth Prochnow has elected to retire effective March 31, 2021.
Vaalco said that Prochnow's departure was not related to any issues regarding strategy, financial disclosures, accounting or legal matters, or any disagreements with management or the Board.
"The company has initiated an executive search to fill the Chief Financial Officer position. Following Ms. Prochnow's retirement, Jason J. Doornik, Vaalco's Chief Accounting Officer and Controller, will serve as principal financial officer until a new Chief Financial Officer has been named," Vaalco said.
Prochnow was named Chief Financial Officer of the U.S.-based company on April 1, 2019, and before that served as Vaalco's Chief Accounting Officer since joining the Company in March 2015.
Cary Bounds, Chief Executive Officer, said: "We wish Liz the very best in her retirement as she plans to spend time traveling 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. She played a significant role in our financial transformation in the last three years and was instrumental in our recent acquisition of an additional interest in Etame. We will all miss Liz's financial and strategic insight."
As reported in February, Vaalco completed the acquisition of Sasol's stake in the Etame Marin block offshore Gabon. The acquisition of Sasol's 27.8% working interest in the Etame Marin block increased Vaalco's working interest to 58.8% and nearly doubled Vaalco's total net production and reserves.
Vaalco paid $29.6 million in cash to Sasol, taking into account the agreed-upon transaction price of $44 million, the deposit already paid, and post-effective date adjustments, with a future contingent payment of up to $5 million. The companies first announced the agreement in November 2020.