Ithaca Energy Inc. has entered an agreement to sell its subsidiary, Ithaca Petroleum Norge, to MOL Nordsjon B.V., a subsidiary of MOL, for an initial consideration of $60 million, according to a news release.

The company also has the ability to earn additional bonus payments of up to $30 million depending on exploration success from the existing license portfolio. The potential future bonus payments depend on successful discoveries being drilled on Ithaca Norge’s existing license portfolio between 2015 and 2017, with any payments based on a sliding scale depending on discovery size, Ithaca said in the release.

The transaction has an effective date of Jan. 1, 2015, and is expected to complete in third-quarter 2015, the release said.

Upon completion, Ithaca said the transaction will conclude its restructuring and monetization of the Norwegian operations acquired as part of the acquisition of Valiant Petroleum in April 2013. The transaction is subject to the approval of the Norwegian Ministry of Petroleum and Energy.