AIM-listed oil and gas eploration company Matra Petroleum has signed an agreement to dispose of its 100 per cent interest in the Arkhangelovskoe Licence, which includes the Sokolovskoe Field, to a third party.The sales consists of an initial payment of $25m with a further payment of $10m payable within nine months, conditional on drilling results.Having commissioned a seismic survey on the Sokolovskoe Field, leading to the revised management estimate of '2P' recoverable reserves of 13.5m of barrels (mmbbls), the board said that it had conducted an extensive review of the conceptual field development plan and associated economic forecasts, as well as investigating other options for maximising the value of the Sokolovskoe Field for shareholders. The disposal of the licence for a consideration of up to $35m represented "compelling value" when compared to the capital costs required to develop the asset and the technical risks associated with the field, it said. The group added that the proposed monetisation of the Arkhangelovskoe Licence was consistent with its growth strategy and would provide it with increased flexibility to pursue new upstream investment opportunities, with the potential to create significant value for shareholders.Maxim Barskiy, Chief Executive Officer of Matra Maxim Barskiy, commented: "We believe this sale crystallises significant value for shareholders, demonstrating our ability to monetise assets at an appropriate stage and mitigate downside risk. The proceeds provide financial flexibility, helping to fund future acquisitions which fits our strategy of building a significant mid-cap oil and gas company."Matra's Petroleum' share price was up 29.41% to 1.10p at 09:48 on Tuesday.MF