The acquisition is part of Irvine's lease acquisition, exploration and development program in respect to the Chattanooga Shale in Kansas, in joint venture with the Metro Energy Group. The primary focus of the project is shale gas exploration and development, within an Area of Mutual Interest (AMI) of approximately 7 million acres covering the Chattanooga Shale.
Following the acquisition, the company has a 75% working interest in approximately 61,000 acres of oil and gas leases within the AMI, more than double the initial interest in 30,000 acres acquired on 1st November 2006.
Irvine Chairman, Michael Frayne, said: "The company is very pleased with the progress of the project leasing program, with the acquisition of over 60,000 acres in such a short time frame being a significant achievement. The project is well advanced towards the Stage 1 objective of acquiring a strategic significant land position over the Chattanooga Shale of 100,000 acres."
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