Houston-based oil and gas company Vaalco Energy has appointed a new chief financial officer (CFO) effective April 17, 2017.
Vaalco said on Monday that Philip Patman Jr. had joined the company as the new CFO.
He comes in with over 20 years of experience in the oil, gas, and other areas of the energy industry in key roles including finance, business development, and legal management.
Before joining Vaalco, Patman served as PTT Exploration and Production’s senior VP of Business Development for the Americas. While at PTTEP, he led the company’s E&P mergers and acquisitions activities in the U.S., Canada, and to a lesser extent, Brazil.
He also served as the managing director of mergers and acquisitions (Asia) for the AES Corporation from 2010 to 2011, where he led a team focused on acquisitions and sales of single and multiple-asset portfolios of Asian independent power plants.
Apart from the mentioned roles he worked for Darby Private Equity, a unit of Franklin Templeton Investments, from 2007 to 2010; as a director of business development in Asia for Globeleq Ltd. from 2004 to 2007; and as a professional consultant for LNG and Natural Gas for Marathon Oil from 2002 to 2004 where he advised on the development of Marathon’s Equatorial Guinea LNG liquefaction facility.
Cary Bounds, Vaalco’s CEO, said: “We are very pleased to have Phil Patman join us as our new Chief Financial Officer and lead our financial team. Phil’s extensive experience in international energy finance and business development will be beneficial in helping Vaalco execute our ongoing strategy.
“We believe as a team we can add significant shareholder value through the development of our premier Etame asset while leveraging our existing infrastructure and technical expertise to seek attractively valued development opportunities.”
The appointment of Patman as Vaalco’s new CFO comes soon after the company received a notification from the New York Stock Exchange (NYSE) that the price of the company’s common stock has fallen below the NYSE’s continued listing standard.
It was the company’s second delisting warning apart from a warning from NYSE that the company’s market capitalization fell below the NYSE’s continued listing standard. The first delisting warning came in August 2016, the second came last week, while the market capitalization warning was given to Vaalco in November 2016.