CENTRAL PETROLEUM LIMITED — Capital/Financing Update 2015

Feb 8, 2015

ASX ANNOUNCEMENT & MEDIA RELEASE

ASX CODE: CTP

9 February 2015

DINGO GAS PROJECT UPDATE

EARLY GAS SALES

Central Petroleum Limited ( ASX:CTP ) (“ Company ” or “ Central ”) today announced agreement with Power and Water Corp (PWC) for the early sale of gas under a Gas Sale and Purchase Agreement executed in September 2012. Under the new arrangement, Central will immediately begin selling approximately 2TJ/day of gas from its Palm Valley Gas Field in advance of the commencement of the Dingo Gas Field which remains on schedule and under budget, with completion to be in Q2 this year.

The sale of early gas from Palm Valley will be incremental to the current gas production already occurring from Palm Valley under a Gas Sale Agreement with Santos, and provides an acceleration of gas sales revenue with only a small incremental operating cost.

The Dingo Gas Field and Pipeline Project remains on time and under budget with commissioning expected to occur in Q2 of this year. By completing the Project under budget, Central will construct the Project below the Macquarie Debt Facility limit of $50 million announced in February last year.

“With 88% of our acreage being gas prone, the early gas sales to Power and Water Corp is another step in establishing Central as a gas supplier to the domestic gas markets. The Company advanced its transition from explorer to domestic gas producer and supplier in the 1st quarter of last year with the acquisition of the Dingo & Palm Valley assets. The supply agreement supports our Gas Acceleration Program and the North East Gas Interconnect (NEGI). This means that Central’s revenues are overwhelmingly based on fixed domestic gas prices with CPI-escalation which, notwithstanding the fall in oil prices, continues to remain robust”, said Richard Cottee, Managing Director.

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.