Ithaca Energy Inc Announces Sale of Norwegian Exploration Business - Transaction Completed

Ithaca Energy Inc. announces 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.