CTP: Range 4 Spuds ...

ASX	ANNOUNCEMENT AND
ASX CODE: CTP	MEDIA RELEASE
1 July 2019
	RANGE 4 SPUDS

Central Petroleum Limited (ASX: CTP) ("Company" or "Central") advises that Range-4, the first well in the Project Range exploration programme, spudded 30 June 2019 at 15:00 hrs AEST. This demonstrates Central's ability to rapidly progress exploration in this tenure, and also delivers on Central's objective of commencing the Range drilling programme in the June quarter.

Project Range is a 50:50 Joint Venture with a wholly owned subsidiary of Incitec Pivot Limited (ASX: IPL) in ATP 2031 in which Incitec will contribute up to $20 million of the exploration and appraisal costs. 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.

The exploration programme consists of 4 to 5 wells, with each well being drilled to gather geological data including coal depth, thickness and permeability. To minimise costs the wells will be drilled as slimholes which will be plugged and abandoned once the data has been gathered. One well may be retained as a groundwater monitoring bore to support future development approvals. The drilling of the fifth well is contingent on the results obtained from the first 4 wells. The duration of the drilling programme is expected to be 8 weeks.

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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

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

statement or conditional verbs such as "will", "should", "would", "may" and "could" are generally forward-looking in nature and not historical facts.

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