CENTRAL PETROLEUM LIMITED — Capital/Financing Update 2021

Aug 23, 2021

ASX ANNOUNCEMENT AND ASX CODE: CTP MEDIA RELEASE

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24 August 2021

RANGE GAS PROJECT PILOT UPDATE PILOT EXPANSION TO ACCELERATE TESTING

Central Petroleum Limited ( ASX:CTP ) (“ Central ” or “ Company ”) provides the following update on its Range CSG Pilot in the Surat Basin.

All three wells continue to operate reliably, with gas rates steadily increasing as dewatering continues. Daily flow rates have increased to around 50,000 scfd, up from 35,000 scfd in July. Production is currently paused while interference tests are conducted to better understand the connectivity of the coals.

Water production rates remain lower than anticipated and as a result the dewatering process and ramp up of gas will now extend beyond the targeted three month test period.

In order to accelerate our technical understanding of water and gas production profiles within the permit, the area subject to pilot testing will now be expanded. This will involve the drilling and completion of two additional step-out wells (Range 9 and 10) from the existing pilot wells which will be tied into the existing water tank.

The Joint Venture intends to have these additional wells online in late 2021 or early 2022.

“The Range Project is a key component of our near-term growth strategy, and we will tailor the pilot programme as required to gather the necessary data. As is common with CSG production, each well has a unique production profile, and by accelerating our appraisal efforts with the two additional wells, enhanced technical data can be attained and used to advance the Range Project towards a final investment decision (FID),” said Leon Devaney, CEO and MD of Central. “In pursuing this further technical data, there will be an impact on the timeline for FID, but we are still targeting first gas to market from 2024”.

Further updates will be provided as the programme progresses.

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

Investor & Media Enquiries Greg Bourke: +61 478 318 702 Sarah Morgan: +61 421 664 969

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

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Figure 1 – Location of the Range CSG Pilot

About the Range Gas Project

The Range Gas Project is a 50:50 Joint Venture between Central and a wholly owned subsidiary of Incitec Pivot Limited ( ASX:IPL ) in ATP 2031, a 77 km[2] permit located in the Surat Basin, Queensland. The Range Gas Project contains an estimated 270 PJ of 2C Contingent Gas Resource (Central share: 135 PJ) and is positioned for development to take advantage of an expected shortfall of gas supply in eastern Australia by 2024.

• Central’s 50% net interest is 135 PJ. Resources are as at 15 August 2019 and were independently certified by Netherland, Sewell & Associates. These resources were first reported to the market on 20 August 2019. PJs rounded to nearest full PJ. Central Petroleum Limited is not aware of any new information or data that materially affects the information included in this announcement and all the material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed.

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This ASX announcement was approved and authorised for release by Leon Devaney, Managing Director and Chief Executive Officer.

About Central Petroleum

Central Petroleum Limited (Central) is a well-established, and emerging ASX-listed Australian oil and gas producer (ASX: CTP). In our short history, Central has grown to become the largest onshore gas producer in the Northern Territory (NT), supplying industrial customers and senior gas distributors in NT and the wider Australian east coast market.

Central is positioned to become a significant domestic energy supplier, with exploration and development plans across 180,000 km² of tenements in Queensland and the Northern Territory, including some of Australia’s largest known onshore conventional gas prospects. Central has also completed an MoU with Australian Gas

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Infrastructure Group (AGIG) to progress the proposed Amadeus to Moomba Gas Pipeline to a Final Investment Decision.

We are also seeking to develop the Range gas project, a new gas field located among proven CSG fields in the Surat Basin, Queensland with 135 PJ (net to Central) of development-pending 2C contingent resource.

General Legal Disclaimer and Explanation of Terms:

This document is for information purposes only and is not investment or financial product advice nor intended for prospective investors and does not purport to provide all of the information an interested party may require in order to investigate the affairs of Central Petroleum Limited (“Company”). This document has been prepared without taking into account the investment objectives, financial situation or particular needs of any particular person. The data, information, opinions and conclusions (“Information”) herein are subject to change without notice. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness, correctness, likelihood of achievement or reasonableness of the Information contained in this document. To the maximum extent permitted by law, none of the Company or its agents, directors, officers, employees, advisors and consultants, nor any other person, accepts any liability, including, without limitation, any liability arising out of fault or negligence for any loss arising from the use of the Information contained in this document. This document may contain forward-looking statements which include (but are not limited to) forecasts, prospects or returns. 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 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, environmental risks, legislative or fiscal developments, political risks, project delay, approvals, cost estimates and other risk factors described from time-to-time in the Company's filings with the ASX. Actual facts, matters or circumstances may be different to those expressed or implied in this document. Given these uncertainties, readers are cautioned not to place reliance on forward looking statements. Subject to any continuing obligations under applicable law and the ASX Listing Rules, the Company and its agents, directors, officers, employees, advisors and consultants, nor any other person, do not undertake any obligation to update or revise any Information or any of the forward looking statements in this document. 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 of the future which may indicate a forward looking statement or conditional verbs such as "will", "should", "would", "may", “can” and "could" are generally forward-looking in nature and not historical facts.

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