CENTRAL PETROLEUM LIMITED — Director's Dealing 2009

Jul 16, 2009

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	Richard Waddy FAULL
Date of last notice	12 June 2009

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	(a) Direct(b) Indirect(c)Indirect
Nature of indirect interest(including registered holder)Note: Provide details of the circumstances giving rise to the relevantinterest.	(b) St Leonard’s Investments Pty Ltd (acompany in which the Director has a relevantinterest).(c) Faull Newton Pty Ltd (a company inwhich the Director has a relevant interest).
Date of change	14 July 2009
No. of securities held prior to change	(a) 1,831,100 ordinary fully paid shares.(b) 480,000 ordinary fully paid shares.(a) 1,000,000 options exercisable at 20 centson or before 31 May 2010.(a) 500,000 options exercisable at 25 centson or before 30 June 2010.(a) 2,000,000 options exercisable at 28, 33,37, 43, 50 cents on or before 3January 2012.(a) 1,250,000 options exercisable at 22, 25,28, 32, 37 cents on or before 31March 2014(a) 315,550 options exercisable at 16 centson or before31 March 2014.

• See chapter 19 for defined terms.

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Appendix 3Y Change of Director’s Interest Notice

Number acquired	(c) 150,000 ordinary fully paid shares.
Number disposed	(b) 150,000 ordinary fully paid shares
Value/Consideration
Note: If consideration is non-cash, provide details and estimated valuation	$11,700
No. of securities held after change	(a) 1,831,100 ordinary fully paid shares.
	(b) 330,000 ordinary fully paid shares.
	(c) 150,000 ordinary fully paid shares.
	(a) 1,000,000 options exercisable at 20 cents
	on or before 31 May 2010.
	(a) 500,000 options exercisable at 25 cents
	on or before 30 June 2010.
	(a) 2,000,000 options exercisable at 28, 33,
	37, 43, 50 cents on or before 3
	January 2012.
	(a) 1,250,000 options exercisable at 22, 25,
	28, 32, 37 cents on or before 31
	March 2014
	(a) 315,550 options exercisable at 16 cents
	on or before 31 March 2014.
Nature of changeExample: on-market trade, off-market trade, exercise of options, issue of	Off-market transfer.
securities under dividend reinvestmentplan, participation in buy-back

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 Interest after change

• See chapter 19 for defined terms.

Appendix 3Y Page 2

11/3/2002