The company intends to tap South West coal seams to become a niche electricity supplier. Its initial exploration will focus on the Margaret River region where it plans to drill up to 16 wells.

Westralian Gas and Power is expected to list on 23 March. It is looking for $4m from new investors, offering 16 milllion shares at 25 cents each. Briggs plans to keep a 21% stake or eight million shares.

This is Briggs's first appearance on the board of a public company since 1987 when he did a short stretch behind bars for tax evasion.