AJ Lucas Group Limited announced that its board has approved the acquisition, effective immediately, of Riverstone's interest in the UK shale gas explorer, Cuadrilla Resources. Following this acquisition, AJL's holding in Cuadrilla will increase from 47.6% to approximately 93%. Under the terms of Cuadrilla's shareholders' agreement, it is a requirement that AJL offers to acquire the shares of Cuadrilla's remaining shareholders on the same terms as those being acquired from Riverstone, and that step is now underway. Given the longer timeframe that it is expected to take to assess the UK shale resource and to develop Cuadrilla's Bowland shale asset, Riverstone had indicated that the projected delays were longer than could be accommodated within the fund that originally invested in Cuadrilla. The transaction that has been agreed between AJL and Riverstone importantly enables AJL to continue to develop the UK shale gas exploration assets while providing Riverstone with a continued interest in the success of these assets.