CENTRAL PETROLEUM LIMITED — Capital/Financing Update 2015

Feb 23, 2015

ASX ANNOUNCEMENT & MEDIA RELEASE

ASX CODE: CTP

23 February 2015

DINGO GAS PIPELINE

ON TIME, UNDER BUDGET, BEGINS FINAL HYDRO-TESTING

Central Petroleum Limited ( ASX:CTP ) (“ Company ” or “ Central ”) today announced the construction of the Dingo Pipeline has been completed and will now begin a program of hydrotesting which could take up to two weeks. Once the hydro-testing has been completed and all necessary approvals to operate the pipeline have been received then commissioning can commence.

On present indications, the Dingo Project (including plant and pipeline construction) will be on time and close to 10% below the budget provided under the financing facility limits. This also means Central will retain more than $2.5 million in undrawn facilities which Central may be able to access.

“Given the remoteness of our operations and the present economic climate in which we operate, it is a real achievement to bring in this company-critical project on time and substantially below the Macquarie Facility limits”, said Richard Cottee, Managing Director of Central.

“The development of Dingo is an important milestone in the strategy of making Central a significant gas producer for the Australian domestic market which is substantially quarantined from oil price fluctuations”, he said.

Media enquiries please contact:

Martin Debelle at Citadel +61 2 9290 3033 or Mobile +61 (0)409 911 189

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 may be outside the control of the Company and could cause actual results to differ materially from these statements. These risks, uncertainties and assumptions include (but are not limited to) funding, exploration, 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, cost estimates and other risk factors described from time to time in the Company's reports filed with the ASX. 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, the Company, its agents, directors, officers, employees, advisors and consultants do not undertake any obligation to publicly 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," "understand", "estimate," "anticipate," "plan," "predict," "may," "hope," "can," "will," "should," "expect," "intend," “projects”, "is designed to," "with the intent," "potential," the negative of these words or such other variations thereon or comparable terminology or similar expressions or future may indicate a forward looking statement or conditional verbs such as "will," "should," "would," "may" and "could" are generally forward-looking in nature and not historical facts.