One-Page Deal Sheet
Ithaca Sells North Sea Subsidiary to Hungary's MOL Group
Mol Group Ithaca Energy Inc.
Announced Date
April 24,2015
Effective Date
January 01,2015
Close Date
July 09,2015
Transaction Type
Property
Enterprise Value (EV)($MM)
60
Asset/Basin:
{"North Sea"}
Location
Region
North Sea
Country
Norway
Transaction Details: Subscribe to see
Closing Announcement - July 9, 2015
Ithaca Energy Inc. has announced that it has completed the transaction entered into with MOL Plc in April 2015 for the sale of its wholly owned subsidiary, Ithaca Petroleum Norge AS.
The initial consideration paid to Ithaca was US$60 million, with the Company having the ability to earn future potential bonus payments of up to US$30 million dependent on successful discoveries being drilled on Ithaca Norge’s existing licence portfolio between 2015 and 2017.
Following repayment of the Company’s Norwegian exploration financing facility and conventional working…
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