Central Petroleum Limited

In his address to shareholders at the last Annual General Meeting the Chairman of Central Petroleum Limited (ASX:CTP) foreshadowed his intention to stand down as Chairman around the end of this financial year.

The Managing Director of Central Petroleum Limited (ASX:CTP) Mr Richard Cottee said the Company welcomed media reports today that the North East Gas Interconnector was "almost certain" to be built according to the Northern Territory's Chief Minister Adam Giles.

Central Petroleum Limited (ASX:CTP) today announced the Dingo Gas Project pipeline and plant has been successfully commissioned and the necessary regulatory approvals to operate being obtained.

The last half year has been an exciting period for Central Petroleum Limited (ASX:CTP) (OTCMKTS:CPTLF) in which the strategy of becoming a major domestic gas producer quarantined from oil price fluctuation made substantive progress.

Central Petroleum Limited (ASX:CTP) (OTCMKTS:CPTLF) today announced the pressure testing (hydro-testing) of the Dingo Pipeline and the plant and field gathering system has been successfully completed.

Central Petroleum Limited (ASX:CTP) today announced the construction of the Dingo Pipeline has been completed and will now begin a program of hydro-testing which could take up to two weeks. Once the hydro-testing has been completed and all necessary approvals to operate the pipeline have been received then commissioning can commence.

Central Petroleum Limited (ASX:CTP) (OTCMKTS:CPTLF) today announced agreement with Power and Water Corp (PWC) for the early sale of gas under a Gas Sale and Purchase Agreement executed in September 2012.

With the recent drop in oil price, Central Petroleum Limited's (ASX:CTP) strategic move to become a focussed domestic gas producer proved prescient. In February 2014 the Company announced the acquisition of the Palm Valley and Dingo fields.

Central Petroleum Limited (ASX:CTP) advises following the recent drop in oil prices which has affected oil revenues from the Surprise field, Central has taken decisive action to ensure that the Company will be able to live within its present cash flows.

This is my second Annual General Meeting address to shareholders of Central Petroleum Limited (ASX:CTP) as Chairman of the company. I was appointed Chairman in April 2013 after briefly filling the role of Deputy Chairman.