Central Petroleum Limited

Central Petroleum Limited (ASX:CTP) advises shareholders that at 0600 this morning CST, the Surprise-1 Re-entry H well was drilling ahead horizontally at approximately 10 metres/hour at a Measured Depth of 2,630m and a True Vertical Depth (TVD) of 2,543m. Approximately 75m of horizontal well bore has been drilled.

Central Petroleum Limited (ASX:CTP) advises shareholders that a window has been successfully milled in the 7" casing and the angle building section of the well is proceeding. It is anticipated that the horizontal section will commence by Friday 23 December 2011 and be completed as a barefoot horizontal completion (uncased horizontal section) ready for evaluation by the end of the first week in January 2012.

Central Petroleum Limited (ASX:CTP) advises shareholders that due to the continuation of horizontal drilling and testing operations at Surprise 1 ST-1 the closing date for the Share Purchase Plan (SPP) has been extended to the 25th of January 2012.

Central Petroleum Limited (ASX:CTP) ("Central" or the "Company"), has pleasure in announcing that interpretation of electric logs, cuttings sampling, gas chromatography and coring to date has indicated a possible gross oil column in the Lower Stairway Sandstone of up to c.17m, with permeabilities ranging up to 420 Millidarcys measured in a 9m cored zone. Smaller hydrocarbon zones up to c.1m in the Middle Stairway Sandstone and up to c.2m in the Top Pacoota Sandstone have also been interpreted.

Central Petroleum Limited (ASX:CTP) has completed running electric logs at the Surprise-1 well and is in the process of utilising a Modular Formation Dynamics Tester (MDT) tool which measures formation pressures and samples reservoir fluids. The data obtained from these processes will help establish the fluid content and hydrocarbon saturation of the reservoir, and to an extent, the permeability and producibility of the reservoir. In addition, seismic check shots and rotary sidewall cores are planned to add to the database being used to assess the hydrocarbon content of the Surprise prospect.

Central Petroleum Limited (ASX:CTP) announced it would be undertaking an underwritten Share Purchase Plan ("SPP") to eligible shareholders with the intention of raising a minimum of A$5.5 million. Full details of the SPP were announced by the Company on 23 September 2011.

Central Petroleum Limited (ASX:CTP) ("Central" or the "Company"), has pleasure in announcing that current wellsite operations at 0600 CST consist of preparing to run extensive logging suites which are scheduled to commence over this coming weekend followed by the running of 7" casing. A 3.5" drill string and a 6" Bottom Hole Assembly (BHA) to drill to a planned Total Depth of 3,450m RKB are also being prepared.

Central Petroleum Limited (ASX:CTP) has pleasure in announcing a new Technical Note from the Company detailing up to 65 million acres (260,000 km2) of unconventional play exploration targets in its acreage. These horizon areas are an incremental addition to those unconventional exploration plays and resources detailed by DSWPET Pty Ltd in the Southern Georgina and Amadeus Basins totalling some 11 million acres.

Central Petroleum Limited (ASX:CTP) is pleased to release Chairman's address to Shareholders at Annual General Meeting.

Central Petroleum Limited (ASX:CTP) ("Central" or the "Company") has pleasure in announcing that at 0600 this morning CST (Central Standard Time Northern Territory), the well had reached a depth of 2,672m RKB in the Pacoota Sandstone.