CENTRAL PETROLEUM LIMITED — Director's Dealing 2007

Dec 6, 2007

Appendix 3Y Change of Director’s Interest Notice

Rule 3.19A.2

Appendix 3Y

Change of Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/9/2001.

Name of entity CENTRAL PETROLEUM LIMITED

ABN 72 083 254 308

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	John Phillip HEUGH
Date of last notice	4 September 2007

Part 1 - Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

Direct or indirect interest	Direct
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.	-
Date of change	4 September 2007
No. of securities held prior to change	5,100,001 ordinary fully paid shares (subject to escrow until 6 March 2008). 165,000 ordinary fully paid shares 2,500,000 options over ordinary fully paid shares exercisable by payment of 20 cents each at any time up to 31 May 2010 (subject to escrow until 6 March 2008). 2,632,500 options over ordinary fully paid shares exercisable by payment of 25 cents each at any time up to 30 June 2010.
Class	Options over ordinary fully paid shares exercisable by payment of 25 cents each at any time up to 30 June 2010.

• See chapter 19 for defined terms.

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Appendix 3Y Change of Director’s Interest Notice

Number acquired	-
Number disposed	263,250
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	$6,581
No. of securities held after change	5,100,001 ordinary fully paid shares (subject to escrow until 6 March 2008). 165,000 ordinary fully paid shares 2,500,000 options over ordinary fully paid shares exercisable by payment of 20 cents each at any time up to 31 May 2010 (subject to escrow until 6 March 2008). 2,369,250 options over ordinary fully paid shares exercisable by payment of 25 cents each at any time up to 30 June 2010.
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back	Off-market transfer in satisfaction of loaned funds for the purposes of purchase of 2,632,500 options over ordinary fully paid shares exercisable by payment of 25 cents each at any time up to 30 June 2010 .

Part 2 – Change of director’s interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

Detail of contract Nature of interest Name of registered holder (if issued securities) Date of change No. and class of securities to which interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed Interest acquired Interest disposed Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation

• See chapter 19 for defined terms.

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Appendix 3Y Change of Director’s Interest Notice

Interest after change

• See chapter 19 for defined terms.

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