Austral Pacific Energy said it had raised $5.6 million through the placement of 11.2m shares with attached half-warrants.
Two half-warrants are exercisable for one common share of the company's capital for 15 months after closing at an exercise price of $1.00.
The funds will be used to fund the company's drilling programmes and other working capital.
Results from the Cheal A6 well are expected within the next week.
Austral shares last traded at 80 cents.