MEO shares shot up from a low of 29c on Monday to a high of 48c on Thursday. The stock was trading slightly lower on Friday at 44c.

In response to the price query, the Melbourne-based company said investor interest could have come from several recent ASX releases including an investor presentation and the appointment of leading analyst and broker Jurgen Hendrich as chief executive and Nick Heath to the board of directors.

The announcement of two gas discoveries, Heron and Blackwood, in permit NT/P68 in March may have contributed to the present positive sentiment towards the stock, MEO said.

The Blackwood gas discovery is believed to contain sufficient gas to underpin the first of the company's two approved methanol plants.

MEO's plans to drill the multi-TCF Zeus structural stratigraphic prospect in WA-361-P later in the year could have also attracted investor interest.

Zeus is immediately adjacent to and is considered a direct analogue to the Perseus gas field, one of the main fields supplying the Northwest Shelf LNG project.

According to the MEO, a gas discovery in that location would significantly re-rate the company.

An independent research article released on Thursday by broking firm Tolhurst, Hendrich's current employer, , could have also played a part in the price increase, MEO said.

The report has the company's target share price considerably higher at $1.98.

MEO noted that current record energy prices have generally improved the market, with increases in most stock prices particularly in the oil and gas sector.