By Margit Feher

BUDAPEST--Hungarian oil and gas company MOL Nyrt. (MOL.BU) has agreed with Ithaca Energy Inc. (IAE.T) to buy Ithaca Energy's subsidiary in Norway, Ithaca Petroleum Norge AS for an initial amount of $60 million, the two companies said Friday.

Ithaca Energy, a North Sea-focused oil and gas operator, could also receive up to $30 million from MOL as an additional bonus payment dependent on exploration success from the existing licence portfolio.

MOL will finance the deal from its operating cash flow, MOL said in a release.

The deal fits MOL's strategy to increase its exploration and development activities, the company added. IPN's portfolio includes 14 licences in the Norwegian continental shelf, out of which three are operated by IPN.

The licenses provide an oil weighted exploration portfolio with net unrisked best estimate prospective resources of more than 600 million barrels of oil equivalent.

Having now entered Norway, MOL plans to further extend its portfolio there with adding additional assets and licenses to IPN. MOL targets ultimately becoming "a well reputed offshore operator in the region," it said.

MOL also said there is potential for synergy with its existing North Sea operations in the U.K., it added.

As for Ithaca Energy, after repayment of Ithaca Energy Inc.'s Norwegian exploration financing facility and estimated working capital adjustments, the sale is expected to result in an initial net cash receipt of about $30 million, Ithaca Energy said.

Ithaca Energy will use the incoming cash to pay off debt, it said.

Any potential future bonus payments depend on successful discoveries being drilled on IPN's existing licence portfolio between 2015 and 2017, with payments based on a sliding scale depending on discovery size, Ithaca Energy said.

Write to Margit Feher at margit.feher@wsj.com; Twitter: @margitfeher