Matra Petroleumchief executive Maxim Barskiy said that the disposal would “provide financial flexibility, helping tofund future acquisitions which fits our strategy of building a significantmid-cap oil and gas company”.
Barskiy, a formerdeputy chief executive of TNK-BP, added that the explorer had monetised theasset while mitigating downside risk in the sale, which came after a managementreview.
The AIM-listedexplorer said that an undisclosed party would initially pay $25 million for theacreage, and a further $10 million in the next nine months depending on drillingresults.
The
