Hess has acquired a 50% stake in the 200,000 acres owned by Consol in consideration for approximately $594m.

The companies have signed a joint development deal pursuant to which Hess will pay about $534m in the form of a 1/2 drilling carry of certain Consol working interest obligations as the acreage is developed.

According to Hess, appraisal drilling is expected to begin in the fourth quarter of this year.