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MOL Group Enters Norway Expanding its
North Sea Portfolio
| MOL Group acquires the entire issued
share capital of Ithaca Petroleum Norge |
| The portfolio includes 14 licences in
the Norwegian Continental Shelf, out of which 3 are operated by
IPN |
| The deal further balances MOL Group’s
country risk profile |
April 24, 2015 + + + MOL Group enters
Norway by acquiring 100% ownership in Ithaca Petroleum Norge from Ithaca
Petroleum Ltd. The deal fits well to MOL’s E&P strategy which aims to
further balance its country risk profile as well as to seek new accretive
international exploration and development opportunities.
In line with the
company’s active portfolio development strategy MOL has executed a Share
Purchase Agreement with Ithaca Petroleum Ltd., a wholly owned subsidiary
of Ithaca Energy Inc., to acquire the entire issued share capital of
Ithaca Petroleum Norge (“IPN”).
IPN’s portfolio
includes 14 licences in the Norwegian Continental Shelf (“NCS”), out of
which 3 are operated by IPN. The licenses provide an oil weighted
exploration portfolio with net unrisked best estimate Prospective
Resources of more than 600 MMboe. The committed work program contains
three exploration wells in 2015-2016. IPN’s strong exploration focused
team with deep experience on the NCS is also part of the deal.
The transaction
provides an excellent starting point for MOL to enter Norway, to extend
its presence in the North Sea region and enhance its international
exploration portfolio. MOL’s target is to further extend its portfolio in
Norway and add additional assets and licenses to IPN. IPN is pre-qualified
as operator in Norway and the acquisition of the company will help MOL in
achieving its ultimate goal to become a well reputed offshore operator in
the region. MOL sees also synergy potential with its already existing
North Sea operations in the UK.
Alexander Dodds,
Group Executive Vice President for Upstream commented: “Entering Norway as
one of the most investor friendly countries is an important milestone in
our E&P Strategy. It enhances our positions in the lower risk offshore
North Sea area where we are in the process of building a new production
hub and know-how center along the whole E&P value chain that should serve
as a solid basis to our long term goals in the region.”
The completion of
the transaction is subject to the approval of the Norwegian Ministry of
Petroleum and Energy.
Source: MOL
GROUP
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