The Hungarian oil and gas company MOL has acquired Ithaca Petroleum Norge, the Norwegian subsidiary of Ithaca Petroleum Ltd, for $60m. Ithaca Petroleum Norge could also receive an additional $30m from MOL as a bonus payment based on the success of the company’s existing license portfolio. Ithaca Petroleum Norge’s portfolio includes 14 licenses in the Norwegian continental shelf, three of which three are operated by the company.
