CENTRAL PETROLEUM LIMITED — Board/Management Information 2012

May 31, 2012

ASX ANNOUNCEMENT & MEDIA RELEASE

ASX CODE: CTP

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1 June 2012

REQUISITION OF MEETING

Central Petroleum Limited (“Central”) advises that it has received a requisition pursuant to section 249D of the Corporations Act 2001 (Cth) (‘Corporations Act’) from shareholders holding a combined 5.84% of the Company’s shares requesting the directors of the Company to call and arrange a general meeting for the removal of five of the Company’s six directors, namely, the removal of Dr Henry Askin (Chairman), Mr Richard Faull (NonExecutive Director), Mr William Dunmore (Non-Executive Director), Mr Andrew Whittle (NonExecutive Director) and Mr Bruce Elsholz (Executive Director), and the election of Mr William Schoch, Ms Baljeet Singh and Tam Man Kin (Raymond) as directors.

The shareholders requisitioning the general meeting are:

The shareholders requisitioning the general meeting are:
	No. of Shares
Petroleum Nominees Pty Ltd (ACN 156 204 867)	56,113,200
Mark Shawcross	13,250,001
John Heugh	6,014,157
Antonio Aceti	2,032,978
HTMS Pty Ltd (ACN 112 772 068)	1,355,664
Toolebuc Pty Ltd (ACN 074 112 379)	1,219,196
Cosmic Petroleum Pty Ltd (ACN 108 818 373)	790,000

The Directors will undertake the necessary action to convene a general meeting of shareholders.

Further updates will be provided as required.

Ends

Company enquiries, please contact:

Dalton Hallgren, Acting CEO +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.