announcment out , page-2

ASX ANNOUNCEMENT ASX CODE: CTP
15 March 2010
TO: The Manager, Company Announcements ASX Limited
CENTRAL ANNOUNCES A$22.6 MILLION FULLY UNDERWRITTEN
RENOUNCEABLE RIGHTS ISSUE
 Central to raise $22.6 million through a renounceable rights issue to shareholders
 The rights issue is to be fully underwritten by Patersons Securities Limited
 On completion of the capital raising, Central will have circa $50 million in cash to fund
its active drilling and exploration program throughout 2010
 Funds to be used for further exploration in the Amadeus Basin and Pedirka Basin with
the planned drilling of three to six conventional wells
 First well anticipated to spud in April/May Ooraminna-2
Central Petroleum Limited (Central) (ASX:CTP) is pleased to announce a fully underwritten
renounceable rights issue to raise gross proceeds of $22.6 million from the issue
of approximately 300 million New Ordinary Shares. Patersons Securities Limited (Patersons)
has been appointed Lead Manager and Underwriter to the rights issue.
The renounceable rights issue offers one (1) new share for every two (2) shares held at the
record date at 7.5 cents per share together with one (1) free CTPO option (exercisable at 16
on or before 31 March 2014) for every five (5) new shares subscribed for to raise $22.6 million.
Central will apply for quotation of the new shares on the ASX. The rights issue is to be fully
underwritten and this will involve the issue of circa 60 million CTPO options to underwriters.
The issue price represents a discount of approximately 29% to the volume weighted average
price of Central shares during the 30 trading day period. The capital raising was keenly sought
after by Institutions (from Australia, the USA and the UK), and professional and sophisticated
investors of Patersons in Australia.
"Central Petroleum plans to drill between three and six conventional wells in the Amadeus
Basin during the second half of 2010, including one in the Pedirka Basin commencing May
2010," said Central Petroleum Limited Managing Director, Mr John Heugh. "The first three wells
are targeting in excess of 2.8 TCFG and 500 million barrels of oil on a high estimate UGIIP
and UOIIP basis," Mr Heugh added. "Two of the wells planned to be drilled are existing
discoveries, Ooraminna 2 and Magee 2.
Funds raised from the capital raising will be used for the planned drilling of:
 Ooramina-2: Ooraminna-2 located in EP82 is a follow up to the existing Ooramina-1 gas
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discovery. Ooraminna-1 was drilled in 1963 on limited 2D seismic, flowing gas to the
surface. CTP has completed acquisition of additional seismic and reprocessing of existing
data to better locate its follow-up well. Ooraminna-2 is planned to test a high estimate of
2.0 TCFG of prospective UGIIP.
 Johnstone-1: Johnstone-1 located in EP115 is estimated to contain up to 500 MMbbls of
oil in place (UOIIP) on at high estimate with a total aerial closure of 55km2.
 Magee-2: Magee-2 is a large gas target thought to contain high concentrations of helium.
In 1992 the Magee-1 well penetrated the Heavitree Quartzite under the Gillen Member Salt
seal in the same prospect and flowed gas to the surface at 6.3% helium content. The
Magee structure is thought to contain 0.8 TCFG of gas and 15 BCFG of helium in place at
high estimate (UGIIP).
 A conventional well in the Simpson Prospect Block: Details of which are to be provided
to the market in due course after further seismic has been analysed fully.
Central has signed a Letter of Intent with MB Century, is moving towards a drilling contract and
is currently in discussions with other service providers. Ooraminna-2 in EP 82 is scheduled to
spud in late April or early May, followed by Johnstone 1 in EP 115 well in late June or early July
2010.
Central is in the process of finalising an Entitlement Issue Prospectus which will be lodged with
ASIC shortly.