The shares debuted at 27 cents but closed at 23 cents. However, the free attachd option with each share closed at 5 cents, making the total closing price 28 cents - a 12% gain on the 25 cent investment.

Westralian raised more than $4 million through the issue of 25 cent shares in its initial public offer.

The company plans to undertake Western Australia's first extensive coal-bed methane exploration. It has completed its seismic survey and plans to begin drilling in the Margaret River region at the end of next month.

The company will initially focus on the Leeuwin-Naturaliste project in WA's south-west, where it may drill as many as 16 wells. The area has previously drilled for coal by CRA and has many coal seams between depths of 150 metres and 800 metres.

Westralian aims to become a niche electricity supplier. It plans to market its gas and power to established power retailers, as well as local government, farmers and wine growers, minerals processors and other commercial users in south-west WA.

Westralian Gas and Power is the brainchild of Perth entrepeneur Peter Briggs, who said he planned 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 jail term for tax evasion.