CENTRAL PETROLEUM LIMITED — Capital/Financing Update 2018

Oct 30, 2018

ASX ANNOUNCEMENT AND ASX CODE: CTP MEDIA RELEASE

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31 October 2018

SANTOS TO PROCEED WITH STAGE 3 OF SOUTHERN AMADEUS FARMOUT

Central Petroleum Limited ( ASX:CTP ) (“ Company ” or “ Central ”) announces that Santos has completed the seismic works as part of the Southern Amadeus Stage 2 farmout through the acquisition of 1,337 line km in EP82, EP112 and EP125.

Santos has elected to proceed to Stage 3 of the Southern Amadeus Farmout with Central by electing to drill a well in EP112 to earn a 70% participating interest in that permit. It is expected that Santos will drill the Dukas Prospect in EP112 which will be a free carry for Central under the farmout, with drilling anticipated in the first quarter of 2019. The Dukas prospect was delineated with the seismic campaign in 2013 and further seismic data acquisition in 2017 and 2018.

If successful, the Dukas Prospect could contain multiple Trillion Cubic Feet (TCF) of gas. Two other wells in the Southern Amadeus Basin (Mt Kitty and Magee) have demonstrated a hydrocarbon system exists. Further, the presence of helium and hydrogen offers potential value add. Please see attached information extracted from Santos’ 2018 Investor Day Pack (page 78)[1] . A successful development could facilitate a Moomba pipeline connection.

Santos has elected to remain at a 40% participating interest in EP82, EP105 and EP106[2] with no further farmout works to be completed. Central will retain a 60% participating interest in these permits.

Endnotes:

1. Subject to the “Disclaimer and important notice” in that presentation.

2. Santos (as Operator) has continued the process of an application with the NT Department of Primary Industry and Resources for consent to surrender Exploration Permit 106.

ASX ANNOUNCEMENT AND MEDIA RELEASE – CENTRAL PETROLEUM LIMITED

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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 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," “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 Company or its subsidiaries shall be waived arising out of this document. All rights are reserved.

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