CENTRAL PETROLEUM LIMITED — Capital/Financing Update 2012

Apr 26, 2012

ASX ANNOUNCEMENT & MEDIA RELEASE

ASX CODE: CTP

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27 April 2012

CENTRAL TO PURSUE SEPARATE LISTING OF COAL ASSETS

Central Petroleum Limited (“Company” or “Central”) advises that it is currently investigating options to maximise shareholder value of its extensive early stage coal discoveries in central Australia through a separate listing of these assets.

Central’s extensive coal discoveries in the Pedirka Basin have the potential to be highly valuable; however, the market currently assigns little value to them. There is a supportive market sector for investors of early stage coal exploration companies and given Central’s oil & gas focus, the Company is of the view that its coal assets are not achieving market visibility or the specialist attention required to move them towards potential commercialisation.

The coal assets have significant potential which require a dedicated focus. The proposed separate listing of the coal assets would have its own board of directors, experienced coal management team and funding capabilities, yet most importantly, still provide Central shareholders exposure to the coal assets though a retained equity interest.

Further details of the coal restructure will be provided to the market in the near future.

Ends

Company enquiries, please contact:

Dalton Hallgren, Acting CEO +61 8 9474 1444

Media enquiries, please contact:

Ron Cameron, Director, Mercury Consulting +61 2 8256 3308

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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