Hungarian exploration outfit MOL Group has completed a deal with UK independent Ithaca Energy, giving it its first step into the Norwegian offshore sector.
MOL has bought Ithaca's Norwegian subsidiary, which has stakes in 14 licenses, three operated, for US$60 million, with the company having the ability to earn future potential bonus payments of up to $30 million dependent on successful discoveries being drilled on Ithaca Norge’s existing license portfolio between 2015 and 2017.
MOL said the move is a first step into the Norwegian offshore, with the firm targeting additional assets and licenses, with a view to becoming an operator.
According to MOL, the licenses provide an oil weighted exploration portfolio with net unrisked best estimate Prospective Resources of more than 600 MMboe. The committed work program on the licenses includes three exploration wells in 2015-2016.
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