CENTRAL PETROLEUM LIMITED — AGM Information 2021

Nov 9, 2021

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Annual General Meeting 10 November 2021

Central Petroleum Limited (ASX:CTP)

• Note: subject to the Notice and Legal Disclaimer and Appendix: Reserves and Resources information provided in this document.

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Strong operating performance

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• $60m revenue FY2021

• Solid HSE record

• No lost production due to COVID

• Local community support

• Indigenous and local employment

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Mereenie development program

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• ✓ 4 x recompletions

• ✓ 2 x new development wells

• ✓ Sustained gas flows from Stairway Sandstone

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Asset sale completed

Allows Central to pursue multiple avenues for growth

P Value accretive	$85m consideration(1)for 50% interest in production assets, with an expected profit of circa $35m(1) delivering a strong signal for underlying value
P Operatorship	Central retains operatorship
P Accelerates Growth	Provides $40m free-carry, facilitating approximately $100m (gross JV) investment across our production permits
P Diversifies risk	Accelerating growth in the Amadeus Basin while diversifying geological, exploration and development risk
P Aligned partner	Introduces technically capable partner(s) with financial capacity and aligned objectives
P Balance Sheet	Strengthens Central’s balance sheet through reduction of debt (by $30m) and deferred gas liabilities (by $20m)(2)

Note: (1) Estimated value at completion date and subject to final determination of the completion adjustment and movements in liabilities associated with the Sale Assets between the effective date and the completion date; (2) Based on Central’s expected book value for these liabilities at completion date

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Range CSG Pilot

Potential to almost triple Central’s 2P reserves base and annual sales volumes

• Three well pilot drilled and commissioned in June quarter

• Current interference testing indicates good communication between wells

• Lower-than-expected initial water rates requires an extended dewatering period

• The four exploration wells intersected circa 32% more net coal than the pilot wells (33m vs 25m)

• Adjacent wells indicate net coal thickness more in line with our four exploration wells

				Carla Carla-1 Carla-4 Top WCM 225m 263m Net Coal 32m 36m Range-4 Top WCM 292m Net Coal 34m	Carla Carla-1 Carla-4 Top WCM 225m 263m Net Coal 32m 36m Range-4 Top WCM 292m Net Coal 34m	Carla Carla-1 Carla-4 Top WCM 225m 263m Net Coal 32m 36m Range-4 Top WCM 292m Net Coal 34m	Carla Carla-1 Carla-4 Top WCM 225m 263m Net Coal 32m 36m Range-4 Top WCM 292m Net Coal 34m	Carla Carla-1 Carla-4 Top WCM 225m 263m Net Coal 32m 36m Range-4 Top WCM 292m Net Coal 34m	Kedron-9 Top WCM 98m Net Coal 37m Range-2 Top WCM 48m Net Coal 36m Range-3 Top WCM 238m Net Coal 30m Range Pilot Top WCM 216m Net Coal 25m	Kedron-9 Top WCM 98m Net Coal 37m Range-2 Top WCM 48m Net Coal 36m Range-3 Top WCM 238m Net Coal 30m Range Pilot Top WCM 216m Net Coal 25m	Kedron-9 Top WCM 98m Net Coal 37m Range-2 Top WCM 48m Net Coal 36m Range-3 Top WCM 238m Net Coal 30m Range Pilot Top WCM 216m Net Coal 25m	Kedron-9 Top WCM 98m Net Coal 37m Range-2 Top WCM 48m Net Coal 36m Range-3 Top WCM 238m Net Coal 30m Range Pilot Top WCM 216m Net Coal 25m	Kedron-9 Top WCM 98m Net Coal 37m Range-2 Top WCM 48m Net Coal 36m Range-3 Top WCM 238m Net Coal 30m Range Pilot Top WCM 216m Net Coal 25m	Kedron-9 Top WCM 98m Net Coal 37m Range-2 Top WCM 48m Net Coal 36m Range-3 Top WCM 238m Net Coal 30m Range Pilot Top WCM 216m Net Coal 25m	Kedron-9 Top WCM 98m Net Coal 37m Range-2 Top WCM 48m Net Coal 36m Range-3 Top WCM 238m Net Coal 30m Range Pilot Top WCM 216m Net Coal 25m	Kedron-9 Top WCM 98m Net Coal 37m Range-2 Top WCM 48m Net Coal 36m Range-3 Top WCM 238m Net Coal 30m Range Pilot Top WCM 216m Net Coal 25m
				Carla	Carla-1		Carla-4
				Top WCM	225m		263m
				Net Coal		32m	36m
									Range-2
									Top WCM		48m
									Net Coal		36m
		Range-5
		Top WCM	255m
		Net Coal	32m
										Range Pilot
										Top WCM			216m
										Net		Coal	25m
															Kedron-9
		Peebs- 1,8,9,11	(Avg.)												Top WCM	98m
															Net Coal	37m
		Top WCM	307m
		Net Coal	35m
												Range-3
												Top WCM		238m
												Net Coal		30m
						Range-4
						Top WCM		292m
						Net Coal		34m

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Range CSG Pilot

Potential to almost triple Central’s 2P reserves base and annual sales volumes

• Two new pilot step-out wells to be drilled in the December Qtr

• New wells will be spaced at a greater distance (circa 2km)

• Intended to confirm thicker net coals away from the pilot location

• Designed to accelerate technical understanding of gas and water production profiles

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Range CSG project

Potential to almost triple Central’s 2P reserves base and annual sales volumes

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• Continuing to progress key approvals and BOO tender process

• Targeting a final investment decision (FID) in early 2023

• First gas anticipated 2 years after FID

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Amadeus Basin exploration

Immediate targets

Targeting lower risk 192 PJ of gas (96 PJ net to Central)

Palm Valley Deep (target 123 PJ) (61.5 PJ net to Central) A Testing deeper reservoir (proven at Dingo) in existing field

B Dingo Deep (target 69 PJ) (34.5 PJ net to Central)[1] Testing deeper reservoir in existing field (gas shows in formation at Ooraminna)

Other near-term targets

Targeting lower risk 428 PJ of gas and 29 mmbl of oil

Orange-3 (target 401 PJ)

C

Targeting gas at the shallow Arumbera level (productive zone at Dingo) plus additional targets in deeper sections

Mamlambo (target 29 mmbl oil)

D

Large structure currently defined on an existing seismic grid only 8km from the Surprise oil field.

Mereenie Stairway (108 PJ 2C Contingent Resource) E (27 PJ net to Central)

Reperforating and testing existing wells. Undeveloped section of Mereenie with the potential to convert existing 2C to 2P

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Cautionary statement : the estimated target quantities of petroleum that may potentially be recovered by the application of a future development project(s) relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons.

Additional details and statements relevant to resources on this page are provided in the Appendix to this presentation.

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Sub-salt exploration - Dukas

Dukas is a large sub-salt target with potential for multi-Tcf of natural gas and helium and hydrogen

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Dukas (EP112 – 45%)

• Multi-Tcf sub-salt target

• Dukas-1 detected very high pressures above the target

• Progressing towards a re-drill by early 2023

• Central’s interest now at 45%

• Prospective for hydrocarbons, helium and hydrogen

• Potential to farm-out

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Sub-salt exploration - Zevon

Zevon is a large sub-salt target with potential for multi-Tcf of natural gas and helium and hydrogen

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Zevon (EP115 - 100%)

• Multi Tcf sub-salt target

• Full seismic program planned

• for mid next year

• Target drilling date in early 2023

• High potential for hydrocarbon gasses, helium and hydrogen

• 100% interest allows for farmout opportunities

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Sub-salt play map (Helium)

Dukas and Zevon are two large sub-salt targets with potential for multi-Tcf of natural gas and helium and hydrogen

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• Helium play map : Green areas have been identified as having the highest potential for Helium being present in valid Basement and Heavitree closures

• • High helium concentrations measured at Magee and Mt Kitty

• Potential farmout opportunities:

• Zevon (EP115 - 100%)

• Dukas (EP112 – 45%)

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Improved Balance Sheet

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Amadeus Basin ESG advantages

• ➢ Focus on producing gas as a low-carbon transition fuel

• ➢ Project in progress to reduce scope-1 emissions at Mereenie by 30%

• ➢ No fracking planned within naturally fractured conventional reservoirs

• ➢ Relatively low carbon intensity (minimal associated CO2)

• ➢ Smaller surface footprint (vs unconventional)

• ➢ Lower water usage / production (vs unconventional)

• ➢ Local and indigenous employment in remote communities

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Cost and logistical challenges

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Increased environmental regulations
COVID Supply chain disruptions
Labour shortages
Rising commodity prices
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• ➢ Lead times: up to 18 months to get a well designed, approved and drilled

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Marketing Update

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STTM Pricing in AU$/GJ
16
14
12
10
COVID 19
8
6
4
2
-
Sydney Brisbane
Jan 18 Apr 18 Jul 18 Oct 18 Jan 19 Apr 19 Jul 19 Oct 19 Jan 20 Apr 20 Jul 20 Oct 20 Jan 21 Apr 21 Jul 21 Oct 21
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Source: AEMO (Exante price)

https://www.aemo.com.au/energy-systems/gas/short-term-trading-market-sttm/data-sttm/daily-sttm-reports

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LNG Netback Price in AU$/GJ
45
40
35
30
25
20
COVID 19
15
10
5
0
Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21
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Source: ACCC net back price series

https://www.accc.gov.au/regulated-infrastructure/energy/gas-inquiry-2017-2025/lng-netback-price-series

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Diversified portfolio with multiple opportunities for growth
Helium and
hydrogen Multi-Tcf targets:
potential Basin-wide Dukas and Zevon
exploration
Mereenie
Near-field exploration Orange and Mamlambo
Stairway
Palm Valley and Dingo
Lower-risk In-field exploration & appraisal
Deep wells to start Jan 2022
Targeting FID in
Range pilot operating
Developments
early 2023
Mereenie, Palm
Production assets Strong operating results
Valley, Dingo
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Questions and Answers

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Notice and Legal Disclaimer

To the maximum extent permitted by law:

This presentation 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 Ltd (“Company”). This presentation does not attempt to produce profit forecasts for the Company and should not be relied upon as a forecast or as a basis for investment in the Company. It presents details of scoping studies and does not present and should not be construed to present financial forecasts for potential shareholders or investors. The conclusions reached in this presentation are based on market conditions at the time of writing and as such may not be relied upon as a guide to future developments.

The information, data and advice herein is provided to recipients on the clear understanding that neither the Company nor any of its representatives, directors, officers, employees, agents or advisers (“Company Personnel”) makes any representation or warranty about its accuracy, reliability, completeness or suitability for any particular purpose and does not accept liability (including, but not limited to, for any expenses, losses, damages and/or costs (including, but not limited to, indirect or consequential damage)) nor take any responsibility of any kind whatsoever (including, but not limited to, whether in contract, tort, financial or otherwise) for the information, data or advice contained or for any omission or for any other information, statement or representation provided to any recipient (including, but not limited to, as a result of information, data or advice being inaccurate, unreliable, incomplete or unsuitable in any way and for any reason whatsoever). Recipients of this document must conduct their own investigation and analysis regarding any information, statement or representation contained or provided to any recipient or its associates by the Company or any of the Company Personnel. Each recipient waives any right of action, which it has now or in the future against the Company or any of the Company Personnel in respect of any errors or omissions in or from this document, however caused. Potential recoverable petroleum numbers are estimates only until the prospects are evaluated further by drilling and/or seismic and are un-risked deterministically derived (unless stated otherwise). The data and information herein are subject to change. Diagrams, charts and graphs are not to scale unless a scale is expressly provided.

This document is the property of the Company. The recipient of this presentation should take appropriate legal advice as to whether such receipt contravenes any relevant jurisdiction’s financial or corporate regulatory regimes, and, if so, immediately destroy this material or return it to the sender.

Reserves and contingent resources statements and other opinions expressed by the Company in this presentation may not have been reviewed by relevant Joint Venture partners. Therefore those reserves and contingent resources and opinions represent the views of the Company only. Activities which may be referred to in this presentation are subject to several contingencies inclusive of force majeure, access, funding, appropriate crew and equipment and may not have been approved by and relevant Joint Venture partners and accordingly constitute a proposal only unless and until approved.

This presentation 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 and 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 filings with the ASX. Actual values, results or events may be different to those expressed or implied in this presentation. Given these uncertainties, readers are cautioned not to place reliance on forward looking statements. Any forward looking statement in this presentation is valid only at the date of issue of this presentation. Subject to any continuing obligations under applicable law and the ASX Listing Rules, or any other Listing Rules or Financial Regulators’ rules, the Company and the Company Personnel do not undertake any obligation to update or revise any information or any of the forward looking statement in this document if facts, matters or circumstances change or that unexpected occurrences happen to affect such a 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," "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, may indicate forward looking statements and conditional verbs such as "will," "should,“ "would," "may" and "could" are generally forwardlooking in nature and not historical facts.

No right of the Company or its subsidiaries shall be waived arising out of this presentation. All rights are reserved.

If the whole or any part of a provision of this “Notice and Legal Disclaimer” is invalid, illegal or unenforceable, then such provision will be severed and neither that part or provision or its severance will affect the validity or enforceability of the remaining parts or provisions.

© Central Petroleum Limited 2021

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Appendix: Reserves and Resources information

Prospective Resources – Amadeus exploration targets (CTP Share)

Lead / Prospect	Target formation Permit Permit Interest Low Estimate P90 Recoverable (PJ) Best Estimate P50 Recoverable (PJ) High Estimate P10 Recoverable (PJ) Mean Recoverable (PJ)	Target formation Permit Permit Interest Low Estimate P90 Recoverable (PJ) Best Estimate P50 Recoverable (PJ) High Estimate P10 Recoverable (PJ) Mean Recoverable (PJ)	Resources Estimates The volumes of Prospective Resources included in this presentation represent the unrisked recoverable volumes derived from Monte Carlo probabilistic volumetric analysis for each prospect as first reported to ASX on 7 August 2020 for Dingo, Orange and Palm Valley, adjusted for Central’s reduced interests as a result of the asset sale which completed on 1 October 2021. Inputs required for these analyses have been derived from offset wells and fields relevant to each play and field. Recovery factors used have been derived from analogous field production data. Cautionary statement: the estimated quantities of petroleum that may_potentially be recovered_by the application of a future development project(s) relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons. Central confirms that it is not aware of any new information or data that materially affects the information included in those announcements and all material assumptions and technical parameters underpinning the estimate continue to apply and have not materially changed.
Dingo Deep	Pioneer L7 50% 2.5 8.5 27.5 13.0
	Areyonga L7 50% 5.0 16.0 44.0 21.5
Orange-3	Arumbera EP82(DSA) 100% 14 49 148 71
	Pioneer EP82(DSA) 100% 15 67 233 107
	Areyonga EP82(DSA) 100% 49 168 456 223
Palm Valley Deep	Arumbera OL3 50% 13 37.5 140 61.5
Aggregate Gas 344 497
Oil prospects mmbbls mmbbls mmbbls mmbbls
Mamlambo Pacoota L6 100% 7 24 60 29
Contingent Resources		Contingent resources Contingent resources for the Mereenie field in this report are as at 30 June 2021 and were first reported to ASX on 24 July 2020 and subsequently amended to reflect Central’s reduced interests upon completion of an asset sale as reported to ASX on 1 October 2021. Central confirms that it is not aware of any new information or data that materially affects the information included in those announcements and all material assumptions and technical parameters underpinning the estimate continue to apply and have not materially changed.
Appraisal target Target formation Permit Permit Interest 2C Contingent (PJ)
Mereenie Stairway Stairway OL4/5 25% 27

Contingent Resources

Contingent resources

Contingent resources for the Mereenie field in this report are as at 30 June 2021 and were first reported to ASX on 24 July 2020 and subsequently amended to reflect Central’s reduced interests upon completion of an asset sale as reported to ASX on 1 October 2021.

Appraisal	target	Target formation	Permit	Permit Interest	2C	Contingent (PJ)
Mereenie	Stairway	Stairway	OL4/5	25%		27

Central confirms that it is not aware of any new information or data that materially affects the information included in those announcements and all material assumptions and technical parameters underpinning the estimate continue to apply and have not materially changed.

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Level 7, 369 Ann Street Brisbane QLD 4000 Australia

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Information
+61 (0)7 3181 3800
Investor and Media Inquiries
Greg Bourke: +61 0478 318 702
Sarah Morgan: +61 0421 664 969
info@centralpetroleum.com.au
Level 7, 369 Ann Street
Brisbane, Qld 4000, Australia info@centralpetroleum.com.au
This ASX announcement was
www.centralpetroleum.com.au
approved and authorised for
release by Leon Devaney,
Managing Director and Chief
Executive Officer
CENTRAL PETROLEUM LIMITED (ASX:CTP) 20
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