Central Petroleum raises $4.7m

South Perth-based Central Petroleum Ltd has raised $4.7 million through a non-renounceable rights issue with 78 per cent of shareholders taking up the offer.

Shareholders in the company subscribed to over 31 million shares at an issue price of 15 cents each. The remaining 8.9 million shares, representing the shortfall may be placed at the discretion of the directors within the next three months.

The company said it was pleased with the level of shareholder support as it prepares to embark on its maiden drilling campaign.