Odyssey Energy (ASX: ODY) shares soared 68% higher to $0.037 intra-day yesterday, when compared to the closing price last Friday, prompting a price and volume speeding ticket from the ASX.
In a response to the ASX Odyssey said that it was not aware of any material information that has not been released to market - which may have sparked the sudden investor interest.
Worth noting though Odyssey did say in its annual report to shareholders announced to the market on Friday 19th October that the company is continuing to focus on identifying new business opportunities in the energy sector, and examined a number of oil and gas and other energy projects during the year.
Odyssey's business strategies and prospects over the medium to long term include; continuing to examine other new business development opportunities in the energy sector, both locally and overseas; and seeking to maximise the value of the group's current oil and gas assets, located in Oklahoma, U.S.
The company had cash reserves of $2.0 million at 30 June 2012 placing it in a good position to conduct current activities - and to pursue new business development opportunities.
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