Odyssey shares first traded at 1pm Sydney time at 28 cents and closed at 24.5 cents, 4.5 cents or 22.5% higher than the issue price of 20 cents.

The Perth-based company had offered $25 million shares at 20 cents each to raise $5 million for its exploration activities in Utah, USA.

ODY has a 15% working interest in the Northern Helper Gas Project in Utah, which is operated by Marion Energy, a subsidiary of ASX-listed Carpenter Pacific Resources Ltd.

The North Helper coalbed methane project comprises leases and farmout agreements covering about 5,000 acres. So far two wells have been drilled – Kenilworth Railroad-1 and 2 – with another eight to be drilled over the next two years.

If commercial flow rates are achieved, Carpenter Pacific has an agreement with Anadarko Petroleum Corporation in place to sell gas through their existing infrastructure.

Odyssey says that as well as working on the exploration and development program at Northern Helper, it will consider opportunities for further investments or acquisitions

Odyssey Energy chairman Ian Middlemas is a chartered accountant and was a Normandy Mining senior group executive for about 10 years.

Non executive director Mark O'Clery is a Petroleum Geologist, specialising in exploration and production, with more than18 years experience in the international oil and gas business. He has held technical, commercial, operational and managerial roles with several large international companies including WMC Petroleum, British Gas E&P, Ampolex, Mobil E&P, Fusion Oil and Gas and OMV.