CENTRAL PETROLEUM LIMITED — Capital/Financing Update 2012

Oct 2, 2012

ASX ANNOUNCEMENT & MEDIA RELEASE

ASX CODE: CTP

3 October 2012

Clarification of Media Reports

Central Petroleum Ltd (ASX:CTP) ( Central or Company ) is aware of certain press reports which mentions the Company is in farmout discussions in respect to a potential deal with a second partner. These reports are consistent with and based on, amongst other things, the Company’s 2012 Annual Report (in particular the Chief Executive Officer’s letter) announced 17 September 2012, the Company’s Latest Presentation announced 11 September 2012 and the Managing Director’s letter to shareholders announced on 9 July 2012, each which refer to potentially joint venturing with one or more farmout partners.

Whilst any discussions are ongoing there remains no certainty if or when a deal will be concluded.

No meaningful predictions or forecasts can be made as to the outcome of those ongoing incomplete confidential discussions which are part of the normal business for the Company.

Ends

Media contact

Martin Debelle at Citadel

+61 2 9290 3033 and mobile +61 (0) 409 911 189

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 statement.

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