CENTRAL PETROLEUM LIMITED — Capital/Financing Update 2023

Mar 30, 2023

ASX CODE: CTP

ASX ANNOUNCEMENT AND MEDIA RELEASE

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31 March 2023

AMADEUS BASIN FARMOUT COMPLETES

Central Petroleum Limited (“ Central ”) ( ASX: CTP ) refers to its announcements regarding the Peak Helium farmout transaction, including the initial announcement dated 9 February 2022.

Central confirms that completion of the farmout agreement occurred on 31 March 2023.

Central has also been notified that completion has occurred under Peak Helium’s farmout agreement with Santos.

Following completion of the farmout agreements the resultant post-farmout interests by Central’s subsidiaries in the tenements will be as follows:

Exploration Permit	Participating Interest	Participating Interest	Participating Interest	Wells to be drilled
				under farmout
	Central
		Peak	Santos	arrangements
EP 82	29%	51%	20%	Mahler 1
EP 105*	60%	10%	30%
EP 112	35%	35%	30%	Dukas 2
EP 125	24%	56%	20%	Mt Kitty / Jacko Bore 2
EP(A) 111*	50%	20%	30%
EP(A) 124*	50%	20%	30%

* Permit not included in Central’s farmout to Peak Helium – Central’s interests remain unchanged

Under the farmout, Central will be free carried (i.e. funded) by Peak Helium for two new subsalt exploration wells (capped at $20 million gross cost per well), one at Jacko Bore (Mt Kitty) (EP 125) and the other at the nearby Mahler prospect (EP 82).

Central CEO and MD, Leon Devaney, said “completing this farmout provides our shareholders with further confidence on a potentially company-changing 3-well sub-salt exploration program. Now that completion has happened, we will work with Santos as JV Operator to progress the program and are targeting the commencement of drilling toward the end of this year or early 2024.”

Mr. Devaney added, “based on our understanding of the recently announced Federal Government’s Safeguard Mechanism, we believe our sub-salt prospects remain well positioned for commercial development given previous discoveries in these Amadeus Basin permits have shown a very low CO2 content of <1%. We can now look forward with

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 Leon Devaney: +61 (0)7 3181 3800 Managing Director and CEO

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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confidence to testing the enormous sub-salt potential for helium, hydrogen and hydrocarbons through multiple wells within 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 an established ASX-listed Australian oil and gas producer (ASX: CTP) with exploration and appraisal permits in the Northern Territory (NT) and Queensland. Central has grown to become the largest onshore gas Operator in the NT, supplying residential and industrial customers in the NT and wider Australian east coast market.

Central is seeking to become a major domestic energy supplier, in addition to helium and naturally occurring hydrogen, with exploration, appraisal and development plans across 180,000 km² of tenements in Queensland and the NT, including some of Australia’s largest known onshore conventional gas prospects in the Amadeus Basin and prospective CSG resources in the Surat Basin.

General Disclaimer and explanation of terms:

This document is not 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”). The data and information herein are subject to change.

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, 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 information or statement. Sentences and phrases are forward looking

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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" 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.