CENTRAL PETROLEUM LIMITED — Capital/Financing Update 2017

Sep 4, 2017

ASX CODE: CTP

ANNOUNCEMENT AND ASX MEDIA RELEASE

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5 September 2017

CENTRAL SUCCESSFULLY COMPLETES ENTITLEMENT OFFER

Central Petroleum Limited ( “Company” or “ Central ”) is pleased to announce the successful completion of its 5 for 12 non-renounceable pro-rata entitlement offer (“ Entitlement Offer ”) at an issue price of $0.10 per share announced on 10 August 2017.

In total, 180,499,020 fully paid ordinary shares (“ New Shares ”) were offered to eligible shareholders. Central received valid applications under the Entitlement Offer for approximately 102.9 million New Shares, representing a take up by eligible shareholders of approximately 57%. Further, Central received valid applications under the shortfall facility (after scale back in accordance with the terms of the Shortfall Facility set out in the Entitlement Offer Information Booklet) for approximately 7.6 million New Shares, and in aggregate raised gross proceeds of approximately $11.05 million under the Entitlement Offer (including the shortfall facility), representing a take up by eligible shareholders of approximately 61.2%.

The shortfall under the Entitlement Offer of approximately 70 million New Shares (approximately $7.0 million), will be allotted to the joint lead managers Macquarie Capital (Australia) Limited and Morgans Corporate Limited or sub-underwriters on the terms of the underwriting agreement.

Mr Richard Cottee, Managing Director, said “The support for the company from existing shareholders at a 61% take up is very pleasing given that 36% did not vote in the recent Scheme of Arrangement. Now that the Company is appropriately capitalised with 4 promising brownfield appraisal wells to be drilled in the next 6 to 9 months with transportation costs experiencing down ward pressure, strong institutional support and a tight domestic gas market, our future has never looked brighter. Let the rocks speak.”

The allotment of New Shares is scheduled to take place on Friday, 8 September 2017 and the New Shares are expected to commence trading on the ASX on Monday, 11 September 2017.

Joseph Morfea Company Secretary

Central Petroleum Limited ABN 72 083 254 308. Level 7, 369 Ann Street, Brisbane, QLD 4000, Australia GPO Box 292, Brisbane, QLD 4001, Australia

Media Enquiries Martin Debelle at Citadel-MAGNUS T: +61 (0)2 8234 0100 M: +61 (0)409 911 189

T: +61 (0)7 3181 3800 F: +61 (0)7 3181 3855 info@centralpetroleum.com.au www.centralpetroleum.com.au

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 Central 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 Central’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 Central, 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," “target,” "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.

No right of the Central or its subsidiaries shall be waived arising out of this document. All rights are reserved.

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