The partners have entered into conditional agreements to take 12.5% (Tomahawk) and 75% (US Independent) in the leaseholding, which is the site of one of the country's most successful oil and gas projects.

Metro will retain the remaining 12.5%.

The agreement is subject to certain conditions, including Tomahawk shareholder approval. Satisfaction of the conditions would result in Tomahawk retaining control over the drilling and development program and US Independent footing the bill for three of six wells drilled in the first year.

There would be no changes to ownership arrangements over 17 gas-producing wells currently held by Tomahawk, according to company chairman Tony Brennan

“The agreement is the most significant development for the company since listing in July last year and will set us apart from any others who try to emulate our success in unconventional gas plays," Brennan said.