19/03/2008 - 16:31

Eneabba ends Westralian deal

19/03/2008 - 16:31

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Eneabba ends Westralian deal


Eneabba Gas Ltd has terminated its agreement with Westralian Gas and Power Ltd to buy a 70 per cent stake in Mid West petroleum tenements.

Eneabba said it would pursue development of its coal resources, including gasification.

 

Below is the full announcement:

Eneabba Gas Limited ("EGL") (ASX: ENB / ENBO) has terminated its agreement with Westralian
Gas and Power Ltd (ASX: WGP).
Pursuant to a Sale & Purchase Agreement dated 19 January 2007, WGP agreed to sell to EGL a
70% interest in certain petroleum titles known as the Greenough Titles. A deposit of $100,000 was
paid by EGL to secure this option. WGP was unable to satisfy the condition precedent for the
approval by the Minister for Resources to the transfer, and accordingly the agreement was
terminated by EGL, by notice dated 11 March 2008.
WGP, on 11 March 2008, acknowledged receipt of the initial repayment demand by EGL ($100,000
deposit) and on 18 March re-paid the deposit. The arrangements between EGL and WGP have now
ceased.
As previously advised, EGL is focussing on the potential for coal gasification of its coal resources in
the Perth Basin. The EGL emphasis is on clean coal and minimisation of greenhouse gas effects,
the future resource identification now has this focus with EGL's 2008 exploration programme.
About Eneabba Gas Limited
Eneabba Gas is focused on the development of the 168MW gas-fired Centauri 1 power station
on Company-owned land near Dongara in the Mid West of Western Australia. Eneabba Gas
proposes to market power from Centauri 1 to the fast growing Mid West region of Western
Australia.
The coal tenements may well supply an alternative fuel supply for the gas-fired turbines of
Centauri 1 at a more economical cost.

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