CENTRAL PETROLEUM LIMITED — Capital/Financing Update 2012

Feb 2, 2012

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ASX ANNOUNCEMENT

ASX CODE: CTP

3 February 2012

TO: The Manager, Company Announcements ASX Limited CONTACT: John Heugh +61 8 9474 1444

APPENDIX 3B:

The attached Appendix 3B relates to the issue of additional quoted securities following the closing of the Company’s Share Purchase Plan.

Yours faithfully,

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Bruce Elsholz Joint Company Secretary Central Petroleum Limited

For further information contact:

John Heugh Tel: +61 8 9474 1444

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Appendix 3B New issue announcement

Rule 2.7, 3.10.3, 3.10.4, 3.10.5

Appendix 3B

New issue announcement, application for quotation of additional securities and agreement

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 1/7/96. Origin: Appendix 5. Amended 1/7/98, 1/9/99, 1/7/2000, 30/9/2001, 11/3/2002, 1/1/2003, 24/10/2005.

Name of entity

CENTRAL PETROLEUM LIMITED

ABN

72 083 254 308

We (the entity) give ASX the following information.

Part 1 - All issues

You must complete the relevant sections (attach sheets if there is not enough space).

1 +Class of+securities issued or to be issued 2 Number of+securities issued or to be issued (if known) or maximum number which may be issued 3 Principal terms of the+securities (eg, if options, exercise price and expiry date; if partly paid +securities, the amount outstanding and due dates for payment; if +convertible securities, the conversion price and dates for conversion)	(a) Ordinary Shares (b) Listed options
	(a) 130,071,423 (b) 28,571,431
	(a) Fully paid ordinary shares (b) Exercise price 16 cents, expiring 31 March 2014

• See chapter 19 for defined terms.

24/10/2005 Appendix 3B Page 1

Appendix 3B New issue announcement

4 Do the[+] securities rank equally in all respects from the date of (a) Yes allotment with an existing[+] class (b) Yes, with existing class of listed options. of quoted[+] securities? If the additional securities do not rank equally, please state: A share issued on exercise of a option • the date from which they do will rank equally in all respects with • the extent to which they shares already on issue on the date of participate for the next exercise of the option, except for entitlements which have a record date dividend, (in the case of a before the issue of the share. trust, distribution) or interest payment

• the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment

• 5 Issue price or consideration

(a) 5.5 cents per share, pursuant to the Company’s recent Share Purchase Plan (“SPP”). Total consideration received was $7,153,900. (b) Nil – issued to underwriters to the SPP.

6 Purpose of the issue The funds will be used to continue the (If issued as consideration for the Company’s stated exploration and acquisition of assets, clearly development objectives. identify those assets)

• 7 Dates of entering +securities into uncertificated holdings or despatch of certificates

(a) 2 February 2012 (b) 3 February 2012

• 8 Number and +class of all +securities quoted on ASX ( including the securities in clause 2 if applicable)

Number +Class 1,203,376,265 Ordinary fully paid shares. 302,875,956 Options exercisable at $0.16 each on or before 31 March 2014

• See chapter 19 for defined terms.

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Appendix 3B New issue announcement

9 Number and +class of all +securities not quoted on ASX (including the securities in clause 2 if applicable)	Number	+Class
	250,000 200,000 7,500,000 8,366,666 6,340,000 600,000 300,000 5,646,665 2,000,000 4,000,000 12,993,335 6,000,000	Options $0.25 16/2/12 Options $0.25 23/2/12 Options(various) 31/3/14 Options $0.20 31/3/14 Options $0.122 31/05/15 Options $0.11 31/10/15 Options $0.12 12/o5/16 Options $0.11 20/07/16 Options $0.115 19/08/16 Options $0.115 30/08/16 Options $0.095 15/11/16 Options$0.09530/11/16

• 10 Dividend policy (in the case of a Not Applicable trust, distribution policy) on the increased capital (interests)

Part 2 - Bonus issue or pro rata issue

Questions 11 - 33 Not Applicable

Part 3 - Quotation of securities

You need only complete this section if you are applying for quotation of securities

• 34 Type of securities ( tick one )

• (a) √ Securities described in Part 1

• (b) All other securities

Example: restricted securities at the end of the escrowed period, partly paid securities that become fully paid, employee incentive share securities when restriction ends, securities issued on expiry or conversion of convertible securities

Entities that have ticked box 34(a)

Additional securities forming a new class of securities

Questions 35 to 37 - Not Applicable

Entities that have ticked box 34(b)

• See chapter 19 for defined terms.

24/10/2005 Appendix 3B Page 3

Appendix 3B New issue announcement

Questions 38 to 42 - Not Applicable

Quotation agreement

• 1 +Quotation of our additional +securities is in ASX’s absolute discretion. ASX may quote the[+] securities on any conditions it decides.

• 2 We warrant the following to ASX.

• The issue of the[+] securities to be quoted complies with the law and is not for an illegal purpose.

• There is no reason why those[+] securities should not be granted +quotation.

• An offer of the[+] securities for sale within 12 months after their issue will not require disclosure under section 707(3) or section 1012C(6) of the Corporations Act.

Note: An entity may need to obtain appropriate warranties from subscribers for the securities in order to be able to give this warranty

• Section 724 or section 1016E of the Corporations Act does not apply to any applications received by us in relation to any[+] securities to be quoted and that no‐one has any right to return any[+] securities to be quoted under sections 737, 738 or 1016F of the Corporations Act at the time that we request that the[+] securities be quoted.

• If we are a trust, we warrant that no person has the right to return the +securities to be quoted under section 1019B of the Corporations Act at the time that we request that the[+] securities be quoted.

• 3 We will indemnify ASX to the fullest extent permitted by law in respect of any claim, action or expense arising from or connected with any breach of the warranties in this agreement.

• 4 We give ASX the information and documents required by this form. If any information or document not available now, will give it to ASX before +quotation of the +securities begins. We acknowledge that ASX is relying on the information and documents. We warrant that they are (will be) true and complete.

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(Joint Company Secretary)

3 February, 2012

Print name: Bruce Elsholz

• See chapter 19 for defined terms.

24/10/2005 Appendix 3B Page 4