CENTRAL PETROLEUM LIMITED — Capital/Financing Update 2007

Oct 22, 2007

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Enterprise Energy NL

(ABN 34 009 356 665) Business Office : Suite 2, Level 1, 80 Mount Street, North Sydney, NSW, Australia, 2060. Telephone (612) 9923 1520 Facsimile (612) 99231528 Registered Office : C/- DFK Richard Hill Chartered Accountants, Level 11, 32 Martin Place Sydney, NSW, Australia 2000.

23 October 2007

Australian Stock Exchange Limited Electronic Lodgement

Dear Sir/Madam,

SALE OF EXPLORATION INTERESTS TO CENTRAL PETROLEUM LIMITED

Enterprise Energy NL (“Enterprise”) wishes to advise that Traditional Oil Pty Ltd (a wholly owned subsidiary) has now been formally granted Exploration Permits 105, 106 and 107, located in the Amadeus Basin NT.

As announced to the ASX on 6 March 2007, Central Petroleum Limited (“Central”) agreed to purchase these permits for a total consideration of $100,000 cash and $375,000 of Central shares. An additional $1,000,000 will be paid 12 months after commencement of any future commercial production.

Now that these permits have been granted arrangements will be made for their assignment to Central and for the share allocation to Enterprise.

Yours faithfully,

Dr Ray Shaw, Executive Chairman

For further information please contact: Dr Ray Shaw Telephone 02 9923 1520.