TransAtlantic was awarded 100% interest and operatorship in the 6 blocks which cover 1,500 sq. km. (370,500 acres) in the Mid North Sea High identified as Blocks 36/3, 36/4, 36/5, 36/8, 36/9 and 37/1. The acreage is in an under-explored area of the North Sea, approximately 90 miles to the east of Newcastle, between the larger producing areas of the Southern Gas Basin and Central North Sea. The blocks have been awarded to TransAtlantic under the "Promote License" initiative. TransAtlantic has a two-year period within which to conduct technical studies, acquire and reprocess seismic data on the licensed area and can perpetuate the license by committing, prior to the end of the second year, to drilling an exploratory well before the forth anniversary of license.
The 6 blocks awarded to TransAtlantic are adjacent to 20 contiguous blocks awarded to an ExxonMobil/Shell partnership. The ExxonMobil/Shell partnership has committed to drill one exploration well in the initial four-year term on their awarded blocks.
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