CENTRAL PETROLEUM LIMITED — Capital/Financing Update 2011

Sep 20, 2011

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ASX ANNOUNCEMENT & PRESS RELEASE ASX CODE: CTP 21 September 2011 TO: The Manager, Company Announcements ASX Limited CONTACT: John Heugh +61 8 9474 1444 Additional $5.5 Million Capital Raising via an Underwritten Share Purchase Plan (SPP) Central Petroleum Ltd (Central) (ASX:CTP) is pleased to advise that the SPP announced to the market on 15 September 2011 will be underwritten by Patersons Securities Limited to $5.5 million. A range of institutional, sophisticated and professional investors subscribed to 91 million shares offered to them by Central, raising approximately $5 million.

The money will finance the exploration strategy planned for the coming year, as detailed in earlier announcements. "The fact that these highly experienced professional investors applied for the shares goes to show the confidence they have in Central's future prospects," said Managing Director John Heugh.

Central is now offering its own shareholders the right to participate in the SPP on the same terms as the stockbrokers (5.5 cents per share). "It's only fair that those investors who have stuck by us till now, should have the benefits offered to the professional market," said Mr Heugh.

The record date to establish those shareholders entitled to participate in the SPP is 14 September 2011. The Opening date of the SPP is 26 September 2011 and the closing date is set for 20 October 2011.

More complete details of the plan and application forms are being sent to all entitled shareholders and a copy of the plan details will also be posted on the Companies Announcement Platform shortly.

The capital raised from the SPP and the placement will be used to progress Central’s drilling strategy and to provide working capital.

John Heugh

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Managing Director Central Petroleum Limited

For further information contact:

John Heugh Tel: +61 8 9474 1444 or Ray Beatty Corporate Writers Tel: +613 9224 5272, M+61 409 174 565

NOTICE: The participating interests of the relevant parties in the respective permits and permit applications which may be applicable to this announcement are:

• EP-82 (excluding the Central subsidiary Helium Australia Pty Ltd (“HEA”) and Oil & Gas Exploration Limited (“OGE”) (previously HE Nuclear Ltd) Magee Prospect Block) – HEA 100%

• Magee Prospect Block, portion of EP 82 – HEA 84.66% and OGE 15.34%.

• EP-93, EP-105, EP-106, EP-107, EPA-92, EPA-129, EPA130, EPA-131, EPA-132, EPA-133, EPA-137, EPA-147, EPA149, EPA-152, EPA-160, ATP-909, ATP-911, ATP-912, and PELA-77 – Central subsidiary Merlin Energy Pty Ltd 100% (“MEE”).

• The Simpson, Bejah, Dune and Pellinor Prospect Block portions within EP-97 – MEE 80% and Rawson Resources Ltd 20%.

• EP-125 (excluding the Central subsidiary Ordiv Petroleum Pty Ltd (“ORP”) and OGE Mt Kitty Prospect Block) and EPA-124 – ORP 100%.

• Mt Kitty Prospect Block, portion of EP 125 – ORP 75.41% and OGE 24.59%.

• EP-112, EP-115, EP-118, EPA-111 and EPA-120 – Central subsidiary Frontier Oil & Gas Pty Ltd 100%.

• PEPA 18/08-9, PEPA 17/08-9 and PEPA 16/08-9 - Central subsidiary Merlin West Pty Ltd 100%.

General Disclaimer and explanation of terms

Potential volumetrics of gas or oil may be categorised as Undiscovered Gas or Oil Initially In Place (UGIIP or UOIIP) or Prospective Recoverable Oil or Gas in accordance with AAPG/SPE guidelines. Since oil via Gas to Liquids Processes (GTL) volumetrics may be derived from gas estimates the corresponding categorisation applies. Unless otherwise annotated any potential oil, gas or helium UGIIP or UOIIP figures are at “high” estimate in accordance with the guidelines of the Society of Petroleum Engineers (SPE) as preferred by the ASX Limited but the ASX Limited takes no responsibility for such quoted figures.

As new information comes to hand from data processing and new drilling and seismic information, preliminary results may be modified. Resources estimates, assessments of exploration results and other opinions expressed by the Company in this announcement or report have not been reviewed by relevant joint venture partners. Therefore those resource estimates, assessments of exploration results and opinions represent the views of the Company only. Exploration programmes which may be referred to in this announcement or report have not been necessarily been approved by relevant joint venture partners and accordingly constitute a proposal only unless and until approved. All exploration is subject to contingent factors including but not limited to weather, availability of crews and equipment. funding, access rights and joint venture relationships.

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 or 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.