CENTRAL PETROLEUM LIMITED — Board/Management Information 2012

May 21, 2012

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ASX ANNOUNCEMENT & MEDIA RELEASE

ASX CODE: CTP

22 May 2012

WITHDRAWAL OF CONSENT TO ACT AS DIRECTORS

Central Petroleum Limited (ASX:CTP) (“Company”) advises that Mr. Colin Robert Goodall, Mr. Peter Cockcroft and Mr. Simon Philis have each withdrawn their consent to act as a director of the Company, such consents having previously been forwarded to the Company in support of resolutions at the forthcoming general meeting of 22 June 2012 to appoint each respective person as a director of the Company.

In a letter to the Company’s Chairman, Mr. Simon Philis said, on behalf of the three directors, the “change at board level at Central Petroleum represents what we believe was a necessary event”.

“The new team has the complete support of this group and the shareholders it represents. Having held talks with various individuals with regards to the new management team and direction of the Company, we are satisfied as a group that shareholder objectives have been sufficiently met, and that your appointment of Richard Cottee, Wrix Gasteen and Mike Herrington as CEO and Directors respectively, will set Central Petroleum on a path to success. We congratulate the aforementioned on their appointments, and wish them every success in these new roles.”

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.