have we really found oil? , page-13

Yes, but the SP has *not* been pumped up on the basis of oil rumours or anything else. The SP has more or less stagnated at a level not much over where it was prior to the Kingfisher discovery, and prior to the recent announcements of a likely resorce upgrade on the CSG. And on the booked CSG reserves alone, at around 10c/GJ 3P MEL remains the cheapest CSG company on the ASX. So the selling point is one of value: it's cheap even on what is definitely known at present, and any further developments (a CSG or Kingfisher resource upgrade, a JV announcement, a decision on a power station, and yes, the discovery of oil) will only add to the upside potential.