MKE - 22mil MC - Oil explorer - Canada (all over).
Today recieved a farm-in deal with CPO worth $220million for a work-in interest. MKE still retain 12.5% and have to pay nothing to be free carried through the entire program AND can pay for an up to 20% option.
Given that MKE is only 22mil that means they essentially just did a deal worth 2x their MC. They also have farm-in agreements on all of their other tenements so cash isn't a problem at this stage (1mil on hand + $800k production worth per quarter)
As per the above they currently recieve about 116bbl/day production from their farm-ins and this will increase at a low expense to the company.
This announcement today was the big star and the market hasn't woken up to it yet. I feel this could be a bagger or two in coming days.
