“The funds raised from the placement will be used to fund the accelerated drilling and development program on the company’s highly prospective North Helper gas project in Utah, USA, pursue business development activities and to provide general working capital,” the company told the Australian Stock Exchange today.

Subject to necessary approvals, managing director Mark O’Clery and finance director Mark Pearce intend to participate in the placement by subscribing for up to 300,000 shares each.

The placement of the shares will be subject to shareholder approval at a general meeting to be called shortly.

Odyssey listed on November 30 last year, hitting the ASX board at 28c and closing at 24.5c that day, 22.5% higher than the issue price of 20c.

Originally selling itself as a coal seam gas explorer, Odyssey has also acquired interests in tight sands gas projects operated by ASX-listed Marion Energy.

The North Helper gas project includes exploration and appraisal activity in various kinds of gas plays.