CENTRAL PETROLEUM LIMITED — Capital/Financing Update 2012

Apr 3, 2012

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ASX ANNOUNCEMENT & MEDIA RELEASE

ASX CODE: CTP

4 April 2012

$11 Million Institutional Placement

• $11 million institutional placement at 8.5 cents per share

• Commencement of share register transformation. Placement offered and strongly supported by a very limited number of globally significantly institutions

• Placement underpins funding for the appraisal of the Surprise discovery and ensures Central is adequately funded to allow it to properly assess and finalise its ongoing farm-out discussions

• Strong vote of confidence in Central’s acreage, growth strategy and drilling risk mitigation endorsed by the Board

Central Petroleum Limited (ASX:CTP) (“Company” or “Central”) advises that it has completed an institutional placement of $11 million through the issue of 130 million new shares at 8.5 cents per share. The placement was completed at a 6% discount to the 5-day VWAP of Central’s shares.

The Placement is to provide the Company with additional working capital for further appraisal and/or drilling work on the Surprise prospect discovery in the Amadeus Basin and to augment working capital which will ensure Central has the flexibility to pursue a number of farm-outs which are in the best interests of shareholders whilst also maximising the Company’s acreage valuations. The placement is being conducted in one tranche under the Company’s 15% limit permitted under the listing rules without shareholder approval.

The placement was managed by Patersons Securities Limited and the Central board is appreciative of its ongoing support.

Settlement of the placement is scheduled to occur on 11 April 2012 and the new shares are expected to be quoted on that date. Participants in the placement will also receive one free attaching three-year unlisted option exercisable at 12.5 cents, for every two new shares subscribed which will be granted following shareholder approval at a general meeting to be held shortly.

Ends

For further information, please contact:

Dalton Hallgren, Acting CEO +61 8 9474 1444

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.s.

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