The company, trading under the code ODN, then opened at 21.5c today.

Odin launched an $18 million initial public offering of up to 72 million shares at 25c each to fund its share of the seismic and four-well drilling program in the Spinel Block of the Great Artesian Oil and Gas-operated PEL 106 permit.

Odin farmed-in to the Spinel Block in May to earn a 25% stake from previous farminee Blue Energy.

In the company’s prospectus, chairman Alex Bajada said Odin was aiming to establish commercial production and early cash flows, and was looking at more acquisitions, joint ventures and investments in the region.

“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,” he said.