CTP: Drilling Update - Project Range & Dukas ...

ASX	ANNOUNCEMENT AND
ASX CODE: CTP	MEDIA RELEASE
23 July 2019
	DRILLING UPDATE - PROJECT RANGE & DUKAS

Central Petroleum Limited (ASX:CTP) ("Company" or "Central") provides the following update in relation to drilling operations on Project Range and Dukas 1.

PROJECT RANGE - RANGE 3 SPUDS & RANGE 5 RESULTS

The drilling programme in respect of Project Range, a 50:50 Joint Venture with a wholly owned subsidiary of Incitec Pivot Limited (ASX:IPL) in ATP 2031, continues to progress well. Range 3, the third well in the Project Range exploration programme, spudded at 8:00pm AEST on 21 July 2019. This continues to demonstrate the Joint Venture's ability to successfully and safely execute the exploration programme in this tenure.

ATP 2031 is a 77 km2 permit located in the Surat Basin that was granted in August 2018. The Joint Venture is targeting a CSG development of the highly prospective Walloons coals, which have been developed extensively in Queensland over the last decade. Pursuant to the Joint Venture arrangements, Incitec will contribute up to $20 million of the exploration and appraisal costs. If successful, this permit will provide a new source of gas supply for the east coast domestic gas market.

The second well in the programme, Range 5, was successfully executed in line with the well plan. Total Depth (TD) was reached at 710m from the Rotary Table (RT) and the Walloons coals were intercepted over a depth range from 255m RT to 600m RT. Six Drill Stem Tests (DSTs) were conducted sequentially over 39 hours over the majority of the coals to evaluate permeability via the recovery of formation water. A preliminary review indicates permeability is in line with expectations and indicates that vertical well development of this region could be successful. Central is looking forward to the results of the subsequent wells, which will provide broader insights across the entire tenure. Full interpretation of the test results from all wells will be completed at the conclusion of the exploration programme, which is expected to be in Q3 CY2019. With data gathering from Range 5 now complete, the well has been suspended pending imminent Plug & Abandonment (P&A).

DUKAS UPDATE

As previously announced on 12 July, the Dukas 1 well had successfully completed wireline logging from 2604m measured depth (MD) to 3515m MD. Subsequent to that announcement, Santos, as Operator of EP112, advised Central that the Dukas-1 well had encountered mechanical issues which necessitated a pause in planned drilling activities. Those mechanical issues related to a stuck liner hanger and initial attempts to rectify the issue required specialist tools and expertise. It was unclear at that time how long the issue would take to resolve and if ultimately drilling activity would be substantially deferred.

Media Enquiries	Central Petroleum Limited	T:	[phone]
Helen McCrombie at Citadel-MAGNUS	ABN 72 083 254 308.	F:	[phone]
T:	+61	(0) 2 8234 0103	Level 7, 369 Ann Street, Brisbane, QLD 4000, Australia	[e-mail]
M:	+61	(0) 411 756 248	GPO Box 292, Brisbane, QLD 4001, Australia	www.centralpetroleum.com.au

ASX ANNOUNCEMENT AND MEDIA RELEASE - CENTRAL PETROLEUM LIMITED	Page 2

Central has now been advised that the 8 5/8" liner hanger, liner hanging running tool and liner have been successfully fished from the hole and a wiper trip is in progress. The current forward plan is to drill ahead to total depth in the current 9 ½" hole.

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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 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.

Media Enquiries	Central Petroleum Limited	T:	[phone]
Helen McCrombie at Citadel-MAGNUS	ABN 72 083 254 308.	F:	[phone]
T:	+61	(0) 2 8234 0103	Level 7, 369 Ann Street, Brisbane, QLD 4000, Australia	[e-mail]
M:	+61	(0) 411 756 248	GPO Box 292, Brisbane, QLD 4001, Australia	www.centralpetroleum.com.au