APA GROUP — Capital/Financing Update 2022

Apr 3, 2022

ASX CODE: CTP

ASX ANNOUNCEMENT AND MEDIA RELEASE

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4 April 2022

FEDERAL GOVERNMENT FUNDING FOR PROJECT RANGE

Central Petroleum Limited ( Central ) ( ASX: CTP ) welcomes the Federal Government identifying Project Range as a priority gas infrastructure project to receive a targeted grant in the Federal Budget as part of the National Gas Infrastructure Plan released last November. The grant is to be awarded to APA Group ( ASX: APA ) to accelerate the provision of gas infrastructure to support Project Range with a focus on pre-Financial Investment Decision (FID) activities.

The announcement was made by Angus Taylor, Federal Minister for Industry, Energy and Emissions Reduction, in his speech on 22 March 2022 at the Australian Domestic Gas Outlook conference in Sydney.

The Range Project is a coal seam gas project in permit ATP2031, located in Queensland’s Surat Basin. Central has a 50% interest in the Range Project through its joint venture with Incitec Pivot Limited ( ASX: IPL ).

Leon Devaney, Central MD and CEO commented: “This provides some real energy for the Range Gas Project. Whilst the amount has not been made public at this time, the size of the grant will have a material impact on our efforts to progress a third-party infrastructure delivery model for gas plant and pipelines with APA. Combined with our two step-out appraisal wells which will be online very soon, the financial boost from the grant to complete the activities necessary for FID is extremely well-timed. It is also great to see that the Federal Government has recognised Range as a priority gas infrastructure project to supply gas into the tightening east coast gas market.”

“Recent market dynamics are only adding further interest in Central’s soon to commence appraisal production test at Range and the five gas exploration wells to be drilled in the Amadeus Basin (NT), all of which are scheduled to be delivered through this year and next”, he added.

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This ASX announcement was approved and authorised for release by Leon Devaney, Managing Director and Chief Executive Officer.

About Central Petroleum

Central Petroleum Limited (Central) is an established ASX-listed Australian oil and gas producer (ASX: CTP) with exploration and appraisal permits in the Northern Territory (NT) and Queensland. Central has grown to become the largest onshore gas Operator in the NT, supplying industrial customers and gas distributors in the NT and the wider Australian east coast market.

Central is seeking to become a major domestic energy supplier, with exploration, appraisal and development plans across 180,000 km² of tenements in Queensland and the NT, including some of Australia’s largest known onshore conventional gas prospects and highly prospective CSG resources in the Surat Basin.

Central Petroleum Limited ABN 72 083 254 308. Level 7, 369 Ann Street, Brisbane, QLD 4000, Australia GPO Box 292, Brisbane, QLD 4001, Australia

Investor & Media Enquiries Leon Devaney: +61 (0)7 3181 3800 Managing Director and CEO

T: +61 (0)7 3181 3800 F: +61 (0)7 3181 3855 info@centralpetroleum.com.au www.centralpetroleum.com.au

ASX ANNOUNCEMENT AND MEDIA RELEASE – CENTRAL PETROLEUM LIMITED

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General Disclaimer and explanation of terms:

This document is not intended for prospective investors and does not purport to provide all of the information an interested party may require in order to investigate the affairs of Central Petroleum Limited (“Company”). The data and information herein are subject to change.

This document may contain forward-looking statements. Forward looking statements are only predictions and are subject to risks, uncertainties and assumptions which may be outside the control of the Company and could cause actual results to differ materially from these statements. These risks, uncertainties and assumptions include (but are not limited to) funding, exploration, commodity prices, currency fluctuations, economic and financial market conditions in various countries and regions, environmental risks, legislative, fiscal or regulatory developments, political risks, project delay or advancement, approvals, cost estimates and other risk factors described from time to time in the Company's reports filed with the ASX. Actual values, results or events may be materially different to those expressed or implied in this document. Given these uncertainties, readers are cautioned not to place reliance on forward looking statements. Any forward looking statement in this document is valid only at the date of issue of this document. Subject to any continuing obligations under applicable law and the ASX Listing Rules, or any other Listing Rules or Financial Regulators’ rules, the Company, its agents, directors, officers, employees, advisors and consultants do not undertake any obligation to publicly update or revise any information or any of the forward looking statements in this document if events, conditions or circumstances change or that unexpected occurrences happen to affect such information or statement. Sentences and phrases are forward looking statements when they include any tense from present to future or similar inflection words, such as (but not limited to) "believe", "understand", "estimate", "anticipate", "plan", "predict", target”, "may", "hope", "can", "will", "should", "expect", "intend", “projects”, "is designed to", "with the intent", "potential", the negative of these words or such other variations thereon or comparable terminology or similar expressions of the future which may indicate a forward looking statement or conditional verbs such as "will", "should", "would", "may" and "could" are generally forward-looking in nature and not historical facts.

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