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Cancellation of Bond Subscription Agreement
Central Petroleum Limited (ASX:CTP) (�Company�) advises that the Bond Subscription
Agreement between the Company and Asia Convertible Bond Opportunities, LLC
(�ACBO�) has been terminated.
An ancillary share lending agreement between ACBO and MPS Staff Super Pty Limited
will automatically terminate following the termination of the Bond Subscription
Agreement.
As previously announced, the Company entered into the Bond Subscription Agreement
in November 2007 and has drawn down on these bonds to raise funds for its
exploration and development programmes.
The Company has since reviewed its current and forecast cash flow position, its need
for significant funding and its ability to raise funds. The Company now considers that
the Bond Subscription Agreement is no longer in the Company's best interests and has
elected to exercise its right to terminate it.
John Heugh
Managing