Central Petroleum Limited

Central Petroleum Limited (ASX:CTP) (OTCMKTS:CPTLF) (Central or Company) has been advised that its Mt Kitty 1 exploration well flowed gas in testing. The preliminary findings were notified by Santos (ASX:STO), the Operator of Amadeus Basin permit EP 125, that the exploration well Mt Kitty 1 reached its programmed total depth of 2,295m in metasedimentary basement.

Central Petroleum Limited (ASX:CTP) had been actively planning its transition from Explorer to Explorer & Producer. That includes ensuring that the Board has the right diversity of skillsets and sufficient independent directors to guide the Company's next stage of development.

Central Petroleum Limited (ASX:CTP) present the company's latest Company Presentation including recent achievements, and immediate expectations for the near term production.

Following the completion of the acquisition of the Palm Valley and Dingo gas fields from Magellan yesterday, Central Petroleum Limited (ASX:CTP) provides the following update on our other properties.

Central Petroleum Limited (ASX:CTP) (OTCMKTS:CPTLF) ("Company" or "Central") has completed the purchase of the material onshore assets of Magellan Petroleum Australia ("Magellan") consisting primarily of the Palm Valley and Dingo fields near Alice Springs.

An Extraordinary General Meeting (EGM) is scheduled for 11 April 2014 at which time the Board and Management of Central Petroleum (ASX:CTP) are seeking shareholder approval for 4 resolutions. The Notice of Meeting sent out to all shareholders last week provides a full disclosure for each of these.

Central Petroleum Limited (ASX:CTP) ("Company") has been advised by Santos, as the Operator of EP125 (Northern Territory), that the Ensign 918 rig has mobilised and is anticipated to recommence drilling operations at the Mt Kitty-1 well location in the Amadeus Basin on around 24 March 2014.

Central Petroleum Limited (ASX:CTP) (OTCMKTS:CPTLF) advises that the Surprise West-1 well has commenced production. The initial flow rates from Surprise West-1 have exceeded expectation, producing around 675 barrels of oil (flush production, not on pump) in an initial 24 hour period.

Last month Central Petroleum (ASX:CTP) (OTCMKTS:CPTLF) executed a strategic transaction to acquire Magellan Petroleum's onshore Australian assets, and secure a funding facility to complete and develop most of the Dingo gas field in the Amadeus Basin near Alice Springs.

The Directors of Central Petroleum (ASX:CTP) present their report on the consolidated entity consisting of Central Petroleum Limited and the entities it controlled at the end of, or during, the half year ended 31 December 2013.