MOL agrees to terms for Ithaca Norway division

Offshore staff

CALGARY, Canada – Ithaca Energy has agreed to sell Ithaca Petroleum Norge to Hungary’s MOL for $60 million, subject to approval from Norway’s government.

The deal could net Ithaca up to $30 million more, dependent on future exploration success on the license interests acquired during 2015-17.

Ithaca inherited these interests from buying UK independent Valiant Petroleum two years ago.

04/27/2015

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