CENTRAL PETROLEUM LIMITED — Capital/Financing Update 2012

Feb 28, 2012

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ASX ANNOUNCEMENT & PRESS RELEASE

ASX CODE: CTP

29 February 2012

TO: The Manager, Company Announcements ASX Limited

CONTACT: John Heugh +61 8 9474 1444

Update on EP 97 Farmin

Central Petroleum Limited (ASX:CTP) (“Central”) advises that it has agreed with Rawson Resources Limited (“Rawson”) to combine all of Central’s current EP 97 farmins of the Simpson, Bejah and Pellinor blocks into one farmin arrangement.

Central’s farmin of the Dune Block (which Central is yet to earn an interest) has been removed from the previous farmin deal with Rawson. However, Central has the first right (but not the obligation) to match any bona fide offer which Rawson receives and wishes to accept relating to Rawson’s farmout of the Dune Block.

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 Simpson, Bejah and Pellinor Prospect Block portions within EP-97 are Merlin Energy Pty Ltd (a wholly owned subsidiary of Central) 80% and Rawson Resources Ltd 20%.

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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