CENTRAL PETROLEUM LIMITED — Capital/Financing Update 2012

Apr 10, 2012

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ASX ANNOUNCEMENT & MEDIA RELEASE

ASX CODE: CTP

11 April 2012

Placement settlement

Central Petroleum Ltd (ASX:CTP) (“ Company ”) advises that it today has settled the $11m placement announced by the Company on 4 April 2012 (“ Placement ”).

Petroleum Nominees Pty Ltd (“ PNPL ”) commenced legal proceedings today in the Supreme Court of Queensland seeking, amongst other things, an interlocutory injunction to restrain the Company from completing settlement of the Placement.

The court dismissed PNPL’s interlocutory injunction application. Further the court ordered that, on or before 20 April 2012, PNPL is to: (i) file and serve an application for leave under section 237 of the Corporations Act and for further directions; and (ii) serve on the Company a draft statement of claim setting out both the claims it makes on its own behalf in the proceeding and the claims it seeks to pursue on the Company's behalf should it succeed on the leave application.

The Company will lodge a cleansing statement and Appendix 3B with the ASX shortly.

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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