CENTRAL PETROLEUM LIMITED — Board/Management Information 2012

Apr 25, 2012

ASX CODE: CTP

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ASX ANNOUNCEMENT & MEDIA RELEASE

26 April 2012

APPOINTMENT OF TWO DIRECTORS

Central Petroleum Limited (“Central”) advises that Mr Andrew Philip Whittle and Mr Bruce William Elsholz have been appointed as directors of the Company.

Their appointments were effective 25 April 2012.

The professional backgrounds of the new directors are:

Andrew Whittle

A P (Andy) Whittle holds a B.Sc. degree with First Class Honours in Geology from the University of Adelaide.

Andy has over 42 years of technical and managerial experience in the petroleum exploration and production industry and is deemed an expert in the Otway Basin that was the subject of his Thesis and in other worldwide exploration with a focus on South East Asia/Australia. His experience includes over 21 years with several affiliates of Exxon Corporation in Australia, Singapore, Malaysia, Canada and the US, finally in the position of Geological Manager of Esso Australia. Thereafter, he was Exploration Manager for five years with GFE Resources Ltd, Australia. He has over 15 years experience through PetroVal Australasia Pty Ltd, of which he is a founding Director, and his private consulting company Sheristowe Pty Ltd, in preparing independent technical reports and in evaluating exploration and production assets and providing valuations, and expert opinions for a range of clients. He was closely involved in the exploration that led to the identification and discovery of the Thylacine gas field in the Otway Basin and in promoting Pexco into Indonesian deepwater exploration. He is also a member of the American Association of Petroleum Geologists, the Society of Professional Well Log Analysts and the Petroleum Exploration Society of Australia. He holds a Bachelor of Science degree with First Class Honours in Geology from University of Adelaide, South Australia.

He was appointed a Director of Bass Strait Oil Ltd in 2011, which is listed in Australia, and a Director of Bumi Armada Sdn Bhd, a major offshore service company which listed in Malaysia in mid 2011.

Bruce Elsholz

Mr Elsholz is a Chartered Accountant and has been Central Petroleum’s Chief Financial Officer and a Company Secretary since August 2009.

Mr Elsholz has around 35 years experience in the upstream oil and gas sector. He has held senior financial and commercial roles with a number of exploration and production companies in Australia and Canada. These include Hudsons Bay Oil and Gas Company, Hartogen Energy Limited, Command Petroleum Limited, Coplex Resources NL and Otto Energy Limited. He also has more than ten years experience as Company Secretary with a number of ASX listed entities.

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.