Central Petroleum Limited

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.

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 drilled past previous oil shows in the Stairway Sandstone and had reached a depth of 2,599m RKB.

Central Petroleum Limited (ASX:CTP) has pleasure in announcing that new drilling plans have been adopted for Surprise-1 after in-depth consultation with new key management staff, Chief Operating Officer Dalton Hallgren and Exploration Manager Trevor Shortt. Mr Hallgren and Mr Shortt have extensive North American horizontal and unconventional drilling and completion experience and have added valuable insight and momentum into a refined drilling plan for Surprise-1.

Central Petroleum Limited (ASX:CTP) ("Central" or the "Company") has pleasure in announcing that Hunt Rig 3 re-entered Surprise-1 Sidetrack-1 (S1ST1) at 1700 CST on Saturday 18 November. A daily drilling update on time versus depth from Rotating Kelly Bushing (RKB) and a well prognosis is available on the Company's website. Further announcements will be made as appropriate.