CENTRAL PETROLEUM LIMITED — Board/Management Information 2012

Jun 4, 2012

05 June 2012

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ASX ANNOUNCEMENT & MEDIA RELEASE

ASX CODE: CTP

RICHARD COTTEE COMMMENCES CEO ROLE

Central Petroleum Ltd (ASX:CTP) (“Central” or “Company”) announces that Mr Richard Cottee has been confirmed as CEO following the Company’s recent Board meeting.

Chairman Dr Henry Askin said Mr Cottee’s appointment is effective immediately. His continuing engagement and the provision of his services, as previously detailed, are conditional upon shareholder approval of Mr Cottee as a director.

The appointment of Mr Cottee has been brought forward by the Board because of the pressing requirements of Company business, in particular the need to progress commercial negotiations in the development program.

The appointment of Mr Cottee as a director of the Company is subject to shareholder approval at a General Meeting (GM) on 22 June 2012. Details of the GM Resolutions were sent to shareholders in a Notice of Meeting released to the ASX on 21 May 2012.

The Company extends its appreciation and thanks to Mr Dalton Hallgren who as Acting CEO has provided key support in this interim period. Dalton will resume his position as Chief Operating Officer.

Ends

Media contact for Central

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

Media contact for Richard Cottee and Freestone Martin Debelle at Citadel +61 2 9290 3033 and mobile +61 2 409 911 189

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.

Mr. Richard Cottee CV Brief:

Richard Cottee (Bachelor Law (Honours)) is currently non-executive Chairman of Austin Exploration and a consulting advisor in the oil and gas industry based in London. He brings renowned international energy experience with an outstanding reputation for driving company market development. Mr. Cottee is the former CEO of one of Australia's most successful oil and gas industry growth stories - Queensland Gas Corporation (QCG) - a non-conventional CSG explorer and developer acquired by BG Group (formerly part of British Gas) for $5.7 billion. An attorney, Mr. Cottee has also served as the director of marketing and sales for Cyprus Amax and then was named managing director of England, Wales, Scotland, Ireland and the Scandinavian and Norway regions for NRG Energy. Previously he worked with Santos Oil and Gas.