Central Petroleum Limited · ASX:CTP

Central Petroleum — Non-Deal Roadshow (February 2013)

18 slides from Central Petroleum's roadshow presentation, Feb 25, 2013

1. Slide 1: Central Petroleum: An Asymmetrical Risk/Reward Equation

   For personal use only CENTRAL PETROLEUM An Asymmetrical Risk/Reward Equation Asia – Australia Roadshow 25 February 2013 – 7 March 2013

2. Slide 2: Central Petroleum Today

   Central Petroleum Today For personal use only Central is positioned to become the leader among Australia’s emerging oil & gas plays, both conventional and unconventional. The next 12 months will see intensive, funded exploration over highly prospective ground transitioning Central from explorer to p

3. Slide 3: Asset Details – Underexplored and Highly Prospective

   Asset Details – Underexplored and Highly Prospective For personal use only 2

4. Slide 4: Last Months

   Last 12 Months For personal use only 1. Corporate objectives  Implement fully funded exploration model using farm‐ins  Retain independent development and full control of Surprise  40% of recurring costs eliminated  Board skill set widened  Tenement renewals covered 2. Surprise discovery  Exten

5. Slide 5: Next Months

   Next 12 Months For personal use only 1. Corporate objectives  The company aims to be a leading developer of unconventional oil/gas  All exploration costs presently covered (evaluating options for Surprise development) 2. Surprise discovery  Complete reserve report  Immediate development of Surpr

6. Slide 6: Surprise Development

   Surprise Development For personal use only Key Milestones  Reserve Report to enable field development planning  Announcement of Conceptual Development Plan  Funding announcement  Grant of Production Licence Key Equipment ‐ FULLY PAID  2,000bbl tank storage on site  All weather roads constructe

7. Slide 7: Surprise Development (continued)

   Surprise Development (continued) For personal use only Development Approach  Start production whilst de‐risking and evaluating the larger longer term development possibilities through new appraisal and step‐out drilling  Use classic onshore stepwise staged/modular methods to avoid value destroying

8. Slide 8: Surprise discovery schematic

   Surprise discovery schematic For personal use only 7

9. Slide 9: Strategic Funding Model

   Strategic Funding Model For personal use only PAST CURRENT NEXT 12 MONTHS… • Under‐ • Santos, Total • Surprise • Outstanding • Exploration explored Farm‐ins pay exploration & Central success creates assets for appraisal options value, future exploration increases vesting value funding • Unfunded ass

10. Slide 10: Risk Reward Equation – legs

    Risk Reward Equation – 4 legs For personal use only $1.00 90c DJ Up to A$150m Santos Up to US$190m Total Carmichael 80c Farm-Out Joint Venture Risked 1 2 Valuation 70c Market $620m Cap 60c $200m Market 50c Cap $125m 4 3 DJ Carmichael Valuation 39c Potential at Surprise 40c Unfunded lease commitments

11. Slide 11: Exploration spend vs shares issued

    Exploration spend vs shares issued For personal use only 1400 160 1200 140 1000 120 100 800 80 600 60 400 40 200 20 0 0 2006 2007 2008 2009 2010 2011 2012 Santos/ 2013 Total Cumulative Stage 1 Funded Program Historical # shares Issued (millions) Historical exploration $ spent (millions) 10

12. Slide 12: Valuation Rationale & Comparisons

    Valuation Rationale & Comparisons For personal use only $ EV / Net Acre ‐ Aust Shale Companies Strong Valuation Support with Farm‐outs Central EV of $4.85 per acre substantially below $60 70 peers at current value. Net Acreage $ EV / Net Acre (Left Hand Scale) $50 60 (Right Hand Scale) Central has t

13. Slide 13: Conclusion: An Asymmetric Risk / Reward Opportunity

    Conclusion For personal use only An Asymmetric Risk / Reward Opportunity - 4 legs strongly de-risked  probable chance of success high of at least 1 of the legs (if not all) - third party funded exploration program  success translated directly to shareholders  Funded exploration program significan

14. Slide 14: Contact Details

    Contact Details For personal use only Central Petroleum Limited 56‐58 Jephson St.,Toowong, QLD PO Box 1571, Toowong DC Qld 4066. Tel: +61 7 3181 3800 Fax: +61 7 3181 3855 Website: www.centralpetroleum.com.au 13

15. Slide 15: Appendix - Board of Directors

    Appendix 1 ‐ Board of Directors For personal use only Highly experienced Board of Directors Andrew Whittle  Over 40 years experience in the oil exploration industry Geologist, BSc (Hons), AAPG, SPWLA  21 years Exxon Corporation in Australia, Singapore, Malaysia, Canada and the US. Chairman Richard

16. Slide 16: Appendix - Management Team

    Appendix 2 ‐ Management Team For personal use only Internationally experienced management team Richard Cottee  30+ years of experience in the energy industry BA, LLB (Hons)  Previously Managing Director of QGC prior to its acquisition by BG for $5.7 billion. Director & Chief Executive  Formerly w

17. Slide 17: Appendix - Management Team (Cont.)

    Appendix 2 ‐ Management Team (Cont.) For personal use only Internationally experienced management team Daniel White  15+ years experience. BCom, LLB, LLM (Merit)  Barrister and Solicitor; Supreme Courts of Western Australia & Queensland and High Court of Group General Counsel Australia. Solicitor

18. Slide 18: Appendix - Stage Farm-Out Details

    Appendix 3 ‐ Stage 1 Farm‐Out Details For personal use only Two Major Farm‐out Transactions Announced – Exploration Set to Commence The scale and pricing of these transactions validate the prospectivity of Central’s leases. These transactions cover around 30% of the company’s acreage and bring subst

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