At the start of last month KBO was sitting at 1.5 cents, so the spike this week to tip over, and hold at, 4 cents has rewarded the bottom feeders.

A big day's trade for KBO in recent months would have seen 400,000 shares turned over, so the three million sold in the last four days has punters thinking there could be more in this run.

KBO director Tony McClure said it appeared the buying was coming from certain Sydney and Perth based stockbrokers.

"There's nothing overly new out in the market since our entry into the European CBM market a few months ago so I think there's a bit of reflected glory happening.

"Others CBM explorers have come under the spotlight recently and I think the market is looking at other under valued CBM explorers such as KBO."

"We're hoping that we'll have official title over our Italian CBM acreage shortly, allowing us to get our teeth into the project. That's nothing new to the market, however the upcoming programs should be most interesting." he said.

McClure said the company is also conducting a major review of the soon to be granted Pictor play in the Canning Basin, with results expected to be released in the next few weeks. Encouraging results could lead to farming out any drillable prospects.