CENTRAL PETROLEUM LIMITED — Board/Management Information 2017

Dec 19, 2017

ASX CODE: CTP

ASX ANNOUNCEMENT AND MEDIA RELEASE

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20 December 2017

Appointment of New Director – Timothy R Woodall

Central Petroleum Limited ( “Company” or “Central” ) is pleased to advise a further appointment to the Central Board. Mr Timothy Woodall has agreed to join Central as a NonExecutive Director. Mr Woodall’s appointment follows the appointment of Dr Sarah Ryan and Martin Kriewaldt and further compliments the current Board of Directors. Collectively with the already announced planned departure of Rob Hubbard in the first half of 2018 these appointments complete the commitment to renew the Central Board.

Mr Woodall’s career in the oil and gas industry has traversed senior roles in investment banking, mergers and acquisitions, business development and leading one of Australia’s most highly regarded technical consulting firms. Timothy is a Fellow of the Australian Society of Certified Practicing Accountants, Graduate of the Australian Institute of Company Directors and a director of FAR Limited.

Robert Hubbard, Chairman of Central said, “I am delighted to welcome Tim to Central. Tim has an envied reputation in the oil and gas industry and his recent experience with Miro and RISC will be very valuable to Central in the coming years”.

A resume summary of Timothy Woodall is attached to this announcement.

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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 may be outside the control of Central and could cause actual results to differ materially from these statements. These risks, uncertainties and assumptions include (but are not limited to) funding, exploration, 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, cost estimates and other risk factors described from time to time in the Central’s reports filed with the ASX. 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, the Central, its agents, directors, officers, employees, advisors and consultants do not undertake any obligation to publicly 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," "understand", "estimate," "anticipate," "plan," "predict," “target,” "may," "hope," "can," "will," "should," "expect," "intend," “projects”, "is designed to," "with the intent," "potential," the negative of these words or such other variations thereon or comparable terminology or similar expressions or future may indicate a forward looking statement or conditional verbs such as "will," "should," "would," "may" and "could" are generally forward-looking in nature and not historical facts.

No right of the Central or its subsidiaries shall be waived arising out of this document. All rights are reserved.

Media Enquiries Martin Debelle at Citadel-MAGNUS T: +61 (0)2 8234 0100 M: +61 (0)409 911 189

T: +61 (0)7 3181 3800 F: +61 (0)7 3181 3855 info@centralpetroleum.com.au www.centralpetroleum.com.au

Central Petroleum Limited ABN 72 083 254 308 Level 7, 369 Ann Street, Brisbane, QLD 4000, Australia GPO Box 292, Brisbane, QLD 4001, Australia

TIMOTHY R WOODALL

Tim Woodall has over 25 years’ experience in international M&A and finance, specialising in the oil and gas sector.

His expertise includes being the founder and Managing Director of a boutique advisory firm, the CEO of a technical consulting firm and senior roles in New York and London with global investment banks. Additionally, he has held senior executive positions with E&P companies in Australia and the USA.

Tim has a Bachelor of Economics from the University of Adelaide, is a Fellow of the Australian Society of CPAs (FCPA) and a graduate member of the Australian Institute of Company Directors (GAICD).