West Perth-based oil and gas explorer Odin Energy Ltd has made a lacklustre debut on the Australian Securities Exchange, closing its first day of trade at 23 cents, down 2 cents on its offer price.
Odin had offered 60 million shares at 25 cents each to raise $15 million, allowing for oversubscriptions of $3 million, with funds raised to allow it to focus on oil and gas exploration in the Cooper Basin of South Australia.
The company has planned to commence a drilling program on the projects in a farm-in deal with Great Artesian Oil and Gas Ltd and Blue Energy Ltd, set to commence next quarter.
Odin also today announced plans to place 52 million options with Indian Ocean Captial, as well as a plan to raise up to $521,150 through the issue of options to existing shareholders on a one for two basis.
The company is chaired by Advance Energy Ltd and AXG Mining Ltd chair Alex Bajada, with Andrew Dimsey joining him on the board as managing director. Director Anthony Short will also serve on the board, with Lance Camacho to serve as company secretary.
CK Locke & Partners served as lead managers to the deal, with BDO Kendalls serving as Auditor and Investigating Accountant. Hardey Bowen provided legal advice to the deal.
