CENTRAL PETROLEUM LIMITED — Capital/Financing Update 2021

Feb 22, 2021

ASX CODE: CTP

ASX ANNOUNCEMENT AND MEDIA RELEASE

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23 February 2021

DUKAS PROGRESS UPDATE

Central Petroleum Limited ( ASX:CTP ) (“ Central ”) has been advised by Santos QNT Pty Ltd (“ Santos ”) as the Operator of the EP112 Joint Venture (“ EP112 JV ”) (Santos 70% / Central 30%) that it requires further time to complete technical studies before a proposal can be put forward for EP112 JV approval in relation to further drilling at the Dukas prospect. No definitive guidance has been provided by Santos in relation to timing for EP112 JV approval on the Dukas drilling program.

As Central announced on 16 July 2020, the intention of the EP112 JV was to make a decision on the Dukas drilling program by the end of 2020. Central is disappointed that no drilling proposal has been put forward but recognises the need for technical confidence when contemplating such a costly onshore well. A decision on the Dukas drilling program remains outstanding at this time.

As the minority non-Operator partner in the EP112 JV, Central has little control over the timing for drilling at Dukas, although the minimum permit commitment requires a well to be drilled by mid-December 2022.

In the interim, Central will focus its efforts on the large sub-salt and potentially shallower targets in EP115 in the Amadeus Basin, including the Zevon prospect, in which Central holds a 100% interest.

Managing Director and CEO of Central, Leon Devaney commented, “The delay in progressing a drilling program at the Dukas prospect is frustrating but it is beyond Central’s control. We will continue to work constructively with Santos to accelerate an EP112 JV decision. In the meantime we will focus our exploration activities on EP115 where we think the sub-salt prospects could be larger and less complex and where we have better control over the pace of exploration.” Mr Devaney said.

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: Permit location map for the Amadeus Basin

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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 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

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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.

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