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The Perth-based company, which is offering up to 72 million shares at 25c each, aims to list on the Australian Securities Exchange on August 2.
After listing, Odin Energy expects to have a market capitalisation of $33 million.
In its prospectus, chairman Alex Bajada said Odin was aiming to establish commercial production and early cash flows.
"Odin Energy has identified the Cooper Basin as a low risk oil and gas exploration and development area," he said.
"The company is planning to move quickly to build a substantial position in the Cooper Basin and plans to start a significant drilling campaign in the second half of 2007."
The four-well drilling program will occur in the Spinel Block, located within the Great Artesian Oil and Gas-operated PEL 106 permit, where Odin farmed-in to earn a 25% stake from fellow farminee Blue Energy in May.
In return for the stake, Odin has agreed to fully reimburse Blue Energy for the $4.6 million Spinel 3D seismic survey and pay half the cost to drill the four wells.
The survey is expected to provide detailed seismic imaging across a number of previous gas/condensate discoveries, including the Rossco-1 and Paprika-1 discoveries, which will aid in planning development drilling scenarios.
In addition to this venture, Odin said it was looking at more acquisitions, joint ventures and investments in the region.
