Central Petroleum Limited

Central Petroleum Limited (ASX:CTP)(PINK:CPTLF) has today spudded Simpson 1, approximately 100km to the southeast of the recent successful Coal Bed Methane well, CBM93001. The well is targeting Undiscovered Oil Initially In Place of up to 190 MMbbls ("high" estimate UOIIP) in the Jurassic Algebuckina and Poolowanna Formations and the Permian Tirrawarra Formation. Depending on depths encountered, it is possible the total depth of the well may test the top of the transgressive sand and shale C horizon of the Devonian carbonate platform play.

Central Petroleum Limited (ASX:CTP)(PINK:CPTLF) announce the opportunity to listen to an audio broadcast with Mr John Heugh, MD in a presentation titled "CTP - Promising Results and Potential Partners - Mr John Heugh, MD".

Central Petroleum Limited (ASX:CTP)(PINK:CPTLF) has begun to tear down Hunt Rig #2 for the shift to the site of Simpson 1, approximately 100km to the southeast where it is targeting Undiscovered Oil Initially In Place ("high" estimate UOIIP) in the Jurassic Algebuckina and Poolowanna Formations and the Permian Tirrawarra Formation. Depending on depths encountered, it is possible the total depth of the well may test the top of the transgressive sand and shale C horizon of the Devonian carbonate platform play. The spud date of Simpson 1 is anticipated to be by 28th September 2008.

Central Petroleum Limited (ASX:CTP)(PINK:CPTLF) advise that it is clear from comments of various shareholders that there is some confusion in the market over the announced results from CBM93001 made on Friday 19th September. The following statements attempt to clarify matters.

Central Petroleum Limited (ASX:CTP)(PINK:CPTLF) announce CBM93001 to be suspended and completed as a potential CBM gas producer.

Central Petroleum (ASX:CTP)(PINK:CPTLF) Various gas peaks associated with Purni Formation Coals continued. After intersecting possible Tirrawarra Formation at 1209m, and then reaching kelly down of 1218.3m, after making connection and drilling ahead, high connection gas of c.172 units including C1to C5 was recorded.

Central Petroleum Limited (ASX:CTP)(PINK:CPTLF) report that at 0600 this morning, DST #1 had tested coals over the interval 798.2 to 810.5 with very good preliminary indications of permeability (ability to flow). Further detail will be released as and when it is available.

Central Petroleum Limited (ASX:CTP)(PINK:CPTLF) report that at 0600 this morning, after waiting on replacement parts for DST Australia DST equipment and Security DBS coring equipment it is anticipated that DST#1 will be completed today and that coring operations will re-commence.

Central Petroleum Limited (ASX:CTP)(PINK:CPTLF) report that at 0600 this morning the well had reached a TD of 811m having drilled through approximately 7-9m of coal with good cleating and evidence of fracturing. Preparations are in hand to conduct a bottom hole drill stem test (BHT DST) on the coal intersection to measure permeability (ability to flow fluids). Elevated gas readings up to 8 units including C1 to C3 were recorded while drilling the coal, representing 4 times background gas of 2 units.

Central Petroleum Limited (ASX:CTP)(PINK:CPTLF) report that at 0600 this morning following further delays in wireline coring acquisition, due to drilling contractor and service company operational matters, the well had reached a total depth (TD) of 795m in the Permian coal bearing Purni Formation.