• Central Petroleum terminates conditional agreement to sell interests in EP112 and EP125 permits
• Withdraws from EP112 Joint Venture with Santos due to high costs and low prospectivity of Dukas prospect
• To focus on promising Mt Kitty/Jacko Bore appraisal well in EP125

Central Petroleum Limited (ASX: CTP) has announced that it has terminated the conditional agreement to sell its interests in the Northern Territory sub-salt exploration permits, EP112 and EP125, to Georgina Energy Plc. This decision was made as the conditions precedent to the sale were not satisfied by the due date. After further assessing the commercial prospects of the sub-salt permits, and considering the substantial cost of drilling the Dukas prospect within EP112 and its relative prospectivity, Central has advised Santos that its wholly owned subsidiary, Frontier Oil & Gas Pty Ltd, has withdrawn from the EP112 Joint Venture. As a result, Central expects to recognize an impairment charge of $1.7 million in its FY26 financial statements. However, the company will continue to participate in the promising Mt Kitty / Jacko Bore appraisal well in EP125, which is expected to be drilled in 2027, and is working with other parties interested in participating in that well. Central's CEO, Leon Devaney, stated that the company's priority is the appraisal of the Mt Kitty discovery, which has 12 bcf of 2C natural gas resources plus world-class levels of associated helium and hydrogen totaling another 12 bcf. The capital that would have otherwise been allocated to the Dukas permit will now be prioritized towards other value-accretive alternatives.