CENTRAL PETROLEUM LIMITED — Board/Management Information 2012

Apr 2, 2012

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ASX ANNOUNCEMENT & MEDIA RELEASE

ASX CODE: CTP

3 April 2012

PURPORTED REQUISITION OF MEETING

Central Petroleum Limited (“Company”) advises that it has received a purported requisition pursuant to section 249D of the Corporations Act 2001 (Cth) (“Corporations Act”) from shareholders claiming to hold 10.14% of the Company’s shares requesting the directors of the Company to call and arrange a general meeting for the replacement of three of the Company’s four directors, namely, the replacement of Dr. Henry Askin (Chairman), Mr. Richard Faull (Non-Executive Director) and Mr. William Dunmore (Non-Executive Director) with Mr. Peter Cockcroft, Mr. Colin Goodall and Mr. Simon Philis.

A list of shareholders was provided to the Company as part of the purported requisition notice, which list is attached to this announcement. The Company notes that Mr. John Phillip Heugh, a Non-Executive Director of the Company is one of the shareholders requisitioning the meeting.

The Directors are currently in the process of determining that the requisition is made in compliance with the relevant provisions of the Corporations Act.

Should the notice be compliant, the Directors will undertake the necessary steps to convene a general meeting in compliance with the Corporations Act.

Further updates will be provided as required.

Ends

For further information, please contact:

Dalton Hallgren, Acting CEO

+61 8 9474 1444

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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