MOL closes acquisition of Ithaca Petroleum Norge
Hungarian oil and gas company MOL yesterday said it closed the acquisition of 100% of Ithaca Petroleum Norge from Ithaca Petroleum Ltd. Ithaca Petroleum Norge, which will be renamed MOL Norge, has a portfolio of 14 licenses on the Norwegian Continental Shelf, including three under operation.
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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