Press Releases

Perth, Jan 12, 2012 (ABN Newswire) - Central Petroleum Limited (ASX:CTP) ("Central" or the "Company") advises that further flow testing today of the Surprise-1 Re-entry H (S1REH) well has resulted in a c.20% increase in sustained flow rate via a 32/64" choke to 380 bbls/day with a low 4.4% drilling fluid and/or water cut-reduced from a previous average of 8%.

The well is temporarily shut in for pressure build analysis and has reached over 520 PSI thus far and now increasing at 1.5 PSI per hour.

The Company plans to have the current oil flowed to date analysed and an interim reservoir analysis conducted to determine the best flow regime for an extension of the current well test programme, contingent on various logistic issues.

The oil flowed to date is a "light sweet crude" with an API Gravity averaging 40 Degrees. There is no evidence of Hydrogen Sulphide (H2S).

The Company's Share Purchase Plan with Shares available at A$0.055 to Shareholders on the Record Date (see ASX Announcement dated 23 September 2011) will remain open until and including 25 January 2012.

Further updates will be provided as significant information becomes available.

Any results or conclusions reported herein are based on preliminary data analysis and may be subject to change as more data becomes available. Nothing in this report represents or should be construed to represent any conclusions as to the ultimate flow capability of the well or to its commercial significance. Such conclusions must await, inter alia, further cleanup flow testing, extended production testing, data analysis and economic studies of potential commercial production and marketing scenarios.

Contact

John Heugh Tel: +61-8-9474-1444 Central Petroleum Limited