announcement purchase of lignite project, page-10

I agree. Blk has an excellent ability to progress its project, given its Wesfarmers partnership, the dealmaking ability of the directors and its JORC resources.

I also agree it is substantially undervalued. Putting options to one side:

Blk is currently about .58, with a cap of about 16 mil;
Cxy is currently .24, with a cap of 105 mil;
Mee is currently about .80, with a cap of 230 mil

Cxy is only financing and design away from Mee (and it seems that financing is currently being addressed, and of course Cxy's MD, Len Walker, was part of the trial burn in 1999), and Blk will obtain financing with ease IMO given its resouces and Wesfarmers has funding and expertise, as well as marketing infrastructure.

In short, IMO there is very little between them that about 1 - 6 months of planning and funding will not address; and IMO they should each be about Mee's level.

Blk can increase 6 times to reach Cxy (ie to about 3.50) and 14 times to reach Mee (ie to about 8.10). It is unfortunate that small cap buyers often look at the low share price and think a stock is cheap; in fact despite price about that of Mee's, Blk is much much cheaper.

And of course, Mee will likely continue to increase as it moves closer to trial and oil prices firm or increase, so there is curther re-rating potential with Blk and Cxy. And even Mee could increase 4 times to reach LNC.

I disclose holdings in Cxy and Blk (sold Mee; not a lack of faith but I think the other two have much more rerating potential at current prices)