Cooper and Otway Basin Transaction Completes

• Central Petroleum acquires 20% interest in Otway Basin permit and 49% interest in Cooper Basin permits
• Planned multi-well exploration program, starting with Enterprise North well in Otway Basin
• Potential to significantly increase Central's gas production through high-quality gas targets

Central Petroleum Limited (ASX: CTP) has completed the acquisition from ADZ Energy of interests in the highly prospective conventional exploration permits in the onshore Otway and Cooper Basins. In the Otway Basin, Central has acquired a 20% interest in Petroleum Exploration Permit 169, which includes the Enterprise North prospect. In the Cooper Basin, Central has acquired a 49% interest in multiple Petroleum Retention Licences and Petroleum Exploration Licence 677. Central and ADZ are planning to drill at least three exploration wells across the tenements over the next 18 months, starting with the amplitude-supported Enterprise North well in the Otway Basin, planned for the second half of 2026. Enterprise North is one of several gas targets identified on seismic in the Otway Basin permit, all of which are situated close to existing pipelines and processing facilities. Central estimates there to be up to 79 Bcf of gas in place in the Waarre C formation at Enterprise North, with the potential to significantly increase the company's gas production if successful. In the Cooper Basin, a number of oil and gas targets have been identified, and exploration drilling of two to three of these targets is expected to commence in the first half of 2027.

Central and ADZ are planning to drill at least three exploration wells across the Otway and Cooper Basin tenements over the next 18 months, starting with the Enterprise North well in the Otway Basin in the second half of 2026. Discoveries in the Cooper Basin can quickly be brought online via existing infrastructure, accessing the high-value east coast gas market.