CENTRAL PETROLEUM LIMITED — Capital/Financing Update 2021

Jan 24, 2021

ASX ANNOUNCEMENT AND ASX CODE: CTP MEDIA RELEASE

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25 January 2021

RANGE GAS PROJECT UPDATE: DRILLING RIG CONTRACTED

Central Petroleum Limited ( ASX:CTP ) (“ Central ” or “ Company ”) has contracted with Silver City Drilling (NSW) Pty Ltd to have Rig 34 drill three appraisal pilot wells at Central’s Range Gas Project in Queensland’s Surat Basin. The first well is expected to spud in early April 2021. The Range Gas Project is being progressed under a 50:50 joint venture (“ Range JV ”) between wholly-owned subsidiaries of Central and Incitec Pivot Limited ( ASX:IPL ).

These wells represent the next appraisal stage after the 2019 four-well exploration programme successfully identified a high-quality 2C contingent gas resource of 270 PJ (100% JV) in the proven Walloons CSG play. The three pilot wells are designed to produce water to surface and gas to a local flare in order to provide key subsurface and production data. If successful, this pilot well program will be the catalyst for the Range JV to finalise a “bankable” full-field development plan in support of a Final Investment Decision (“ FID ”).

All three pilot wells will be drilled through the three recognised Walloon coals sections (Upper Juandah, Lower Juandah and Taroom coals), with all three coals expected to contribute to production. The wells will be drilled closely spaced (at 200m spacing) to accelerate the provision of key subsurface and production data. Once online, the wells are expected to produce for around three to six months to provide the required data.

In parallel with the pilot activities, the Range JV is progressing key State and Federal approvals in order to accelerate the planned FID and full field development.

The Range Gas Project is situated within the greater, world-class Walloons fairway, close to existing producing CSG fields. Accordingly, the Range Gas Project has access to nearby infrastructure and transmission pipelines. Importantly, development of the Range Gas Project will provide a vital new source of competitively priced gas for the east coast gas market. Present estimates are that the Range Gas Project could produce in the vicinity of 45 TJ/d (gross JV).

Commenting on the Range Gas Project, Central’s Managing Director Leon Devaney said, “The Range Gas Project is on path to be one of Central’s most significant growth projects and a real boost for the Company. If successful, Central’s 50% share of the project will result in a step-change in our reserves base and production rates. After the challenges of 2020, I am pleased to hit the ground running in 2021 and begin a year in which we are seeking to drill a number of new wells across our portfolio, beginning with Range.”

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

ASX ANNOUNCEMENT AND MEDIA RELEASE – CENTRAL PETROLEUM LIMITED

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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.

ASX ANNOUNCEMENT AND MEDIA RELEASE – CENTRAL PETROLEUM LIMITED

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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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