The contract covers a 3500-acre commercial area within the 14,000-acre licence area containing all of the company's proved net reserves of 72.9 million barrels and about half of the field's 108.2 million barrels of probable bet resources.
Transmeridian said it's existing exploration contract, which extends to April 2009, allows it to continue to explore the field and to extend the size of the commercial area, subject to the long-term production contract.
