Gas-fired power firm Eneabba to list - Breaking News - Business - Breaking News

Eneabba Gas Ltd is to list on the Australian Stock Exchange as it raises funds for its gas-fired power station project in Western Australia.
The initial public offer will involve the issue of up to 50 million shares at 25 cents a share to raise up to $12.5 million.
Eneabba plans to sink the funds into the development of the 168 megawatt Centauri 1 gas-fired power station near Dongara in the mid west of Western Australia.
A feasibility study into the plant is nearing completion and construction is expected to begin later this year.
The company has been awarded one of nine reserve capacity supplier certificates under Western Australia's new wholesale electricity agreements, which come into effect in July.
Eneabba Gas managing director Mark Babidge said the company was now well placed to take advantage of growth in the mid west.
"The new wholesale market arrangements in Western Australia have provided us with an opportunity to underwrite the development of the Centauri 1 power plant with reserve capacity supply," he said.
"In addition, our proposed location close to exploding demand for energy from new iron ore projects coming on stream in the mid west provides us with local community customers for our surplus power at Centauri 1."
Mr Babidge said the company would also be working on coal seam methane projects in the area in an effort to find cheaper fuel for the power station.
The lead manager on the offer is Patersons Securities and the company plans to list on the ASX in February.
© 2006 AAP