Located next to PEDL 133 where Ineos already owns a 51% stake of the shale layer, the license, which covers an area of 400km2, will be operated by Ineos.
Under the terms of the agreement, Ineos will fund the initial appraisal activity, which includes two vertical science wells and 100km2 of 3D seismic.
The deal, which is subject to regulatory approvals, is scheduled to be completed shortly.
Reach CSG has undertaken geological studies since securing PEDL 162 in 2008 and identified that it may contain vast amounts of producible hydrocarbons.
Ineos Upstream CEO Gary Haywood said: "I am delighted to have concluded this deal in Scotland, which is a very good fit with our existing licence interest in the adjoining PEDL 133. We are keen to move quickly to evaluate the potential of this resource, and determine if we can economically produce gas from this area.
"If we can, it will provide a local source of competitive energy and raw materials to support manufacturing jobs in Scotland. Our recent commitment to share the benefits of the gas production with the landowners and the community will also bring significant local benefits."
The phase one appraisal aims to identify whether the resources can be economically extracted.
The British Geological Survey (BGS) has found significant shale gas and oil resources in the area through the Midland Valley of Scotland.
