The deal doubles the size of MOLʼs consolidated exploration portfolio, adding more than 600 million barrels of oil-weighted net unrisked prospective resources, MOL said. The committed work program contains three exploration wells in 2015-2016, it added.
MOL announced in April that it had agreed to buy Ithaca Petroleum Norge for an initial amount of €60 mln. Ithaca Petroleum could also receive up to $30 mln from MOL as an additional bonus payment dependent on exploration success from the existing license portfolio, MOL said at the time. MOL said it would finance the deal from operating cash flow.
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