MOL closes acquisition of Ithaca Petroleum Norge

Telco

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.

ADVERTISEMENT

Századvég raises GDP forecast to 7.8% Analysis

Századvég raises GDP forecast to 7.8%

Opposition parties to begin PM candidate primaries Elections

Opposition parties to begin PM candidate primaries

New editor-in-chief at Betone Studio Appointments

New editor-in-chief at Betone Studio

Budapest leaders make public transport free for under-14s City

Budapest leaders make public transport free for under-14s

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.