Eland Oil and Gas appoints Ronald Bain as new CFO

Nigeria-focussed oil and gas production and development company Eland announced the appointment of a new chief financial officer on Monday.

The firm said it had appointed Ronald Bain, with effect from 1 August, after his predecessor Olivier Serra agreed to step down from the board.

Bain previously led financial integration planning for the merger of Baker Hughes and GE Oil and Gas, and prior to that he was the regional accounting director for Europe, Africa and Russia for Baker Hughes.

The AIM-listed company said Bain was bringing a “depth of experience” relevant to the role, including controllership, company secretarial, treasury and financial planning and analysis with companies including BJ Services, Donside Paper Company and Vetco Gray.

He is a qualified Chartered Accountant.

It also confirmed Serra was set to remain as a consultant to the company, concentrating on strategic debt structure and future strategic options.

“I am delighted to welcome Ron to the company,” said Eland CEO George Maxwell.

“Ron has excellent technical and management experience which will be invaluable given the ambitions of Eland.

“I would also like to thank Olivier Serra his contribution to the company as CFO, and we look forward to him positively driving forward our strategic debt planning for the development of our Nigerian assets,” Maxwell added.