CENTRAL PETROLEUM LIMITED — Board/Management Information 2012

Jun 17, 2012

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ASX ANNOUNCEMENT & MEDIA RELEASE

ASX CODE: CTP

15 June 2012

Statement from William Dunmore

Central Petroleum Ltd (ASX:CTP) (“ Company ”) refers to the resolution to consider the removal of Mr William Dunmore as a director at the general meeting to be held at 2.00pm (WST) on 22 June 2012 at Duxton Hotel Perth, No. 1 St George's Terrace, Perth, Western Australia.

Pursuant to s. 203D of the Corporations Act 2001 (Cth) Mr Dunmore is entitled to put his case to members by, amongst other things, giving the Company a written statement for circulation to members, subject to certain requirements. Mr Dunmore’s statement is attached to this announcement in respect to the 2.00pm, 22 June 2012 meeting.

Mr Dunmore’s statement was provided by Mr Dunmore in his personal capacity as part of his rights pursuant to s. 203D.

Ends

Company enquiries, please contact:

Richard Cottee, Chief Executive Officer +61 8 9474 1444

Media enquiries, please contact:

Ron Cameron, Director, Mercury Consulting +61 2 8256 3308

General Disclaimer and explanation of terms:

This document may contain forward-looking statements. Forward looking statements are only predictions and are subject to risks, uncertainties and assumptions which are outside the control of Central. These risks, uncertainties and assumptions include (but are not limited to) 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 and cost estimates. 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, Central, its agents, directors, officers, employees, advisors and consultants do not undertake any obligation to 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 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," "estimate," "anticipate," "plan," "predict," "may," "hope," "can," "will," "should," "expect," "intend," "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.

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A letter from W.J. Dunmore to all shareholders

Key Points to consider before you vote at the forthcoming General Meetings:

• Will your vote go to someone with the good stewardship of your funds and assets at heart?

• The strength of character of the individual – does he or she have a proven track record of experience and vision?

• Does the individual have independence of thought and action?

• Do they have a fearless determination to serve the interests of the company as a whole? Has this been demonstrated?

• Can they compare with the wealth of knowledge of the oil and gas business acquired by a practising petroleum engineer for some of the largest and finest organisations?

Fellow shareholders our Company is experiencing some turbulent times and I have been obliged by the actions of others to take some difficult decisions and confront some very serious challenges on your behalf. I believe that I and my fellow directors have done this having regard only for the benefit of the vast majority shareholders without fear or favour. These processes are far from complete and I believe that the shareholders now more than ever require directors who have the unblinkered vision, knowledge, conviction and above all steadfast courage and integrity to persevere on this difficult path. However these challenges have also provided us with an unprecedented opportunity for rejuvenation and reinvigoration with a harmonious dynamic experienced board and management team.

The Company has just embarked on four key initiatives with which I have been proud to be intimately involved. Namely the reinvigoration of the board, the extended testing and appraisal of the Greater Surprise area, the farm out of significant parts of our extensive land holdings to major industry participants for further exploration and the corporate restructuring of the Company into separate petroleum and minerals entities.

We the current five directors (excluding Mr Heugh) believe passionately that this is the correct path for growth and success. It will result in a far stronger and more valuable enterprise than would have been possible if Central had continued to attempt to fund and develop all its many permits and commitments unaided. It is vital that these initiatives are allowed to bear fruit for the benefit of all of Central’s stakeholders. It would be a real waste for the potential of this company to remain unrealised.

I have been an active non-executive director your Company since March 2005. As during this time Central did not have a staff petroleum engineer I have provided a wealth of technical and commercial support to the Company’s exploration and development efforts as well as assistance and advice in fund raising.

At the time I was appointed Central found itself without a quorum of directors and I chose to assist the company during this previous crisis. This demonstrated the character that I believe

is essential now. Thus I am totally and fiercely independent. Contrary to some statements my director’s fees form but a small part of my income and I have and will always act purely for the benefit of the company and its owners – we the shareholders in fact.

I consider that I well understand the technical and commercial challenges that face the Company and that together with my fellow directors and senior management we are laying the foundations for an extremely successful phase in your Company’s growth.

I thus recommend to you in the strongest possible terms to first of all use your vote. Secondly to vote for a board that has proven its steadfast strength of character to cope with some extreme internal and external threats to your Company’s standing, reputation and ability to move forward. Your board has not shirked its responsibilities in the face of these serious and unparalleled challenges. This should prove to you that I and my fellow directors are precisely the individuals of petroleum industry knowledge, skill, honesty, vision and reputation that you require on your board for the good stewardship of your assets.

Ask to see the track record of any proposed directors in our oil and gas industry and compare it to mine. I have an unblemished record of forty years in this business associated with some of its finest companies. Ask yourselves do the interests of the directors existing or proposed align with yours. Do not permit your company to be controlled by directors that do not have this vision or longer term interest at heart.

Outline C.V. for W.J. Dunmore

Mr Dunmore was awarded a BSc in Physics and Chemistry from University College London and a master’s degree Petroleum Reservoir Engineering from Imperial College London. For the past 26 years he has been an independent consulting engineer for many of the industry’s largest and best organisations from all over the globe including for many leading financial institutions and has appeared as an expert witness. He has a strong understanding of the key geological and engineering parameters that determine the success or failure of projects and the need to visualise outcomes other than the obvious to both protect from downside outturns and yet capture the upside. This has been honed over many years and many conventional and unconventional projects from drilling, reservoir development, production and processing to downstream activities such as LNG and chemicals production.