directors buying, page-2

Hi All,

Just be aware that on the 11th and 13th June a large number of shares were issued at approx. 15c.

This could cause some capping of the SP due to DBZ needing to stay below the "Substantial Shareholder" level. They will need to sell these shares.

Also the Non Renounceable Rights Issue may cause some selling by those shareholders wanting to take some profits.

Just something to be aware of. Other than that it looks good ATM.

Cheers,
Brantley

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ASX ANNOUNCEMENT RELEASED to the ASX DATE: 110608
TO: Manager, Company Announcements ASX Limited
CONTACT: John Heugh +61 8 9474 1444

11 June 2008 - CONVERSION OF BONDS

Central Petroleum Limited is pleased to announce the conversion of 100 bonds totalling $1,000,000 into ordinary fully paid shares of Central Petroleum Limited.

As subscriber to the Bond Subscription Agreement approved by shareholders on 21 December 2007, D.B. Zwirn Mauritius Trading No.3 Limited (“DBZ”) shall receive 6,505,334 ordinary shares in Central Petroleum Limited, in satisfaction of the conversion of the above bonds.

To date, the Company has issued 600 bonds to DBZ in return for $6,000,000. Of the total bonds issued, 600 have now been converted into 39,838,664 fully paid ordinary shares of
the Company, representing 15.2% of issued capital.

As the shares subject to these conversions are actively traded by DBZ, the Company does not anticipate receiving a substantial shareholding notice from DBZ. As at 10 June 2008, DBZ held 74,375 ordinary shares in Central Petroleum Limited, representing 0.3% of issued capital.

Yours faithfully
Central Petroleum Limited
John Heugh
Managing Director

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13 June 2008
Ms Karen Webb
Australian Securities Exchange
Level 4, 20 Bridge Street
SYDNEY NSW 2000
Dear Karen,

Non-Renounceable Rights Issue

We confirm that the Non Renounceable Rights Issue announced by Central Petroleum Limited on 6 May 2008 has closed and 31,090,865 ordinary fully paid shares were allotted and issued into the issuer sponsored sub register on 13 June 2008 to raise a net total of $4,663,629.75.

A shareholder distribution schedule and a list of the top twenty holders of ordinary shares are attached as Appendix 1 for your reference.

Yours faithfully
Central Petroleum Limited
John Heugh
Managing Director