Central Petroleum Limited

Central Petroleum (ASX:CTP) Provide Exploration Update 140308

Central Petroleum Limited, ("Central")(ASX: CTP) - operator of Australia's largest onshore acreage holding - is pleased to report that the first OPCOM meeting has been had with both of its Joint Venture partners Petroleum Exploration Australia Limited (PXA) and He Nuclear Limited (He Nuclear).

Central Petroleum Limited, ("Central")(ASX: CTP) - operator of Australia's largest onshore acreage holding - has executed a formal Farmout Agreement and Joint Operating Agreement with Sydney-based Petroleum Exploration Australia Ltd. ("PXA") to jointly finance a major seismic and drilling program in the Northern Territory.

Central Petroleum Limited (ASX: CTP)("Central") is pleased to announce the securing of further services of various contractors and suppliers for its forthcoming 2008 exploration programme.

Central Petroleum Limited (ASX: CTP)("Central") is pleased to announce Letters of Intent (LOI) securing the services of various contractors for its forthcoming 2008 exploration programme.

The recent launch of Airbus' alternative fuel research programme with a successful three-hour test flight powered by gas-to-liquids (GTL) jet fuel bodes well for GTL plans in general and for Central Petroleum Limited's planned GTL project in central Australia.

Central Petroleum Limited (ASX: CTP) is pleased to announce an update on its seismic acquisition survey. Terrex Seismic have currently acquired 100 km of 2D seismic data in the Stone Plains Prospect Area (EP112). Line clearing is on schedule with Terrex Contracting currently preparing lines at the Johnstone prospect in EP115.

Central Petroleum Limited (ASX: CTP) has established two wholly owned subsidiaries to investigate potential to capitalise on the booming geothermal power generation, carbon trading and agroforestry sectors in central Australia, which complement its core petroleum and exploration and production activities.

Central Petroleum Limited (ASX: CTP) is committed to a major phase of exploration activity in its Amadeus and Pedirka/Eromanga Basin permits in 2008.

Central Petroleum Limited ("Central")(ASX: CTP) and Hunt Energy and Mineral Company Co.- Australia Pty Ltd ("Hunt") have signed a binding Letter of Intent subject to contract and technical inspection to utlise Hunt Rig 2 on Central's 2008 drilling programme timed to commence following the end of the Northern Territory wet season. Under the agreement, Rig 2 will be available to spud from March 1st to April 30th 2008 for a minimum programme of 2 conventional wells.