CENTRAL PETROLEUM LIMITED — Capital/Financing Update 2017

Apr 25, 2017

ASX ANNOUNCEMENT AND MEDIA RELEASE

ASX CODE: CTP

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26 April 2017

Central signs 9.85PJ Gas Supply Agreement

Central Petroleum Limited (“ Central ”) today announces a Gas Supply Agreement (“ GSA ”) has been signed for the delivery of 9.85PJ of gas over five years to the Northern Territory Pine Creek Power Station operated by EDL NGD (NT) Pty Ltd (“ EDL ”). Under the GSA, Central as operator has the right to supply gas from Mereenie, Dingo or Palm Valley, and is structured as a delivered $AUD fixed price gas supply contract (subject to escalation based on CPI). The start date for gas supply will be no later than 1 June 2017, unless mutually agreed otherwise.

The agreement (including the obligation to supply gas) remains subject to satisfaction of certain conditions precedent, including execution of already negotiated gas transportation arrangements, by 31 May 2017 (unless extended by mutual agreement). The GSA was signed by Central Petroleum Mereenie Pty Ltd (a wholly owned subsidiary of Central) as trustee of the Central Petroleum Mereenie Unit Trust and EDL.

Negotiations have been underway for some time and became a priority after the National Market Reform Group decided to exclude the Amadeus and Carpentaria Pipelines from the COAG endorsed Vertigan reforms. The expectation of a GSA was taken into account by the Board in unanimously recommending the improved proposal received from Macquarie MPVD Pty Ltd announced to the ASX on 10 March 2017.

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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 Petroleum Limited (“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

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

ASX ANNOUNCEMENT AND MEDIA RELEASE – CENTRAL PETROLEUM LIMITED

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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.

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