Central Petroleum Limited advised that it has entered into an agreement with Macquarie Bank Limited ("Macquarie") for the expansion of its existing debt facility ("Loan Facility") for up to $12 million to fund increased production across its Amadeus Basin gas projects. Funding from the expanded facility will be available for Central's share of up to six well recompletions and two new development wells at the Mereenie field to be completed next year (subject to final Joint Venture approval) with additional production expected to be sold into an attractive east coast gas market. The new facility consists of two separate tranches of $6 million, each of which can be activated upon satisfaction of certain conditions precedent which include requirements that Macquarie be satisfied that: Central's capital commitments under agreed development plans and exploration projects are fully-funded from available facilities and expected operating cash flows for the term of the facility; and Certain new gas sale agreement thresholds are met.

Access to funds under a tranche will be cancelled unless the tranche has been at least partly utilised by: For the first tranche, 31 December 2022, For the second tranche, 31 December 2023. Any funds drawn under the expanded facility will be repaid as follows: For the first tranche, 50% to repaid by quarterly equal instalments between the date of utilisation and 30 September 2025. For the second tranche, 40% to be repaid by quarterly equal instalments between the date of utilisation and 30 September 2025.

Central will pay a commitment fee on any undrawn facility funds equal to 40% of the facility interest rate. Other key terms, including interest rate margin and financial covenants will remain unchanged. Central may elect not to utilise the unused portion of the expanded facility and may repay any drawn funds at any time without penalty.

Central has granted Macquarie a royalty equal to 0.25% of the gross well head value derived from a 35% participating interest in exploration permit 112 (Northern Territory) as part of the consideration for the new facility.