ASX ANNOUNCEMENT AND

ASX CODE: CTP MEDIA RELEASE

24 November 2020

Transition of Central's Chair

In his address to shareholders at the 2020 Annual General Meeting, the Chair of Central Petroleum Limited ("Company" or "Central") Mr Wrix Gasteen, stated that it would be his last AGM as Chair.

Under Mr Gasteen's leadership the Central Board has been expanded to incorporate the balance of skills, experience and vision required to deliver on Central's plans. This has included adding two very experienced professionals to the Board in the last 6 months in former Woodside Executive Vice President of Exploration, Dr Agu Kantsler and former APA Group Managing Director, Mick McCormack.

As Chair Mr Gasteen has helped to guide the Company through the downturn caused by the COVID-19 pandemic and ensured that Central is well positioned for a return to growth. This has included formulating a forward plan for the Dukas exploration well, restarting the Range Coal Seam Gas Project, progressing the farm out of the producing assets at Mereenie, Palm Valley and Dingo to fund Central's 2021 Amadeus Exploration Program and supporting the proposed Amadeus to Moomba Gas Pipeline (AMGP) as a foundation customer.

As Central works to implement these growth initiatives, the Board anticipates that sufficient progress will have been made on each of these matters by 1 March 2021 to enable an orderly transition to a new Chair. Central therefore advises that Mr Gasteen will step down on that date whereupon Mr Michael (Mick) McCormack, whose appointment was unanimously supported by the Board, will take up the role.

"Wrix has provided considered and steady leadership as Central's Chair over the last 14 months, which has been instrumental in positioning Central to implement several company- changing growth strategies through 2021 despite very challenging markets earlier this year. Central is now looking to make another large step-change as we focus on exploration, project delivery and reducing gas transportation costs, all of which will benefit greatly from Mick becoming Central's next Chair." said Leon Devaney, Managing Director and Chief Executive Officer.

Incoming Chair, Mick McCormack said "I'm very pleased to be succeeding Wrix as Central's Chair and acknowledge his efforts as Chair since I joined the Board in September. My immediate focus as incoming Chair will be on the execution of our value adding growth strategy whilst maintaining our record of safe and efficient operations."

-ends-

This ASX announcement was approved and authorised for release by Wrix Gasteen, Chair of Central.

Investor & Media Enquiries

Central Petroleum Limited

T:

+61 (0)7 3181 3800

Greg Bourke: +61

478 318 702

ABN 72 083 254 308.

F:

+61 (0)7 3181 3855

Sarah Morgan: +61

421 664 969

Level 7, 369 Ann Street, Brisbane, QLD 4000, Australia

info@centralpetroleum.com.au

GPO Box 292, Brisbane, QLD 4001, Australia

www.centralpetroleum.com.au

ASX ANNOUNCEMENT AND MEDIA RELEASE - CENTRAL PETROLEUM LIMITED

Page 2

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 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.

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Central Petroleum Limited published this content on 24 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 November 2020 05:10:00 UTC