Shares

Toro Energy Limited listed on the Australian Securities Exchange on 24 March 2006.

Upon listing the Company had 145,502,000 shares on issue with 72,000,000 shares issued at $0.25 per share under its prospectus dated 2 February 2006.

In addition to the shares issued under the prospectus:

- Oxiana Limited and Minotaur Resources Investments Pty Ltd each held 1,000 shares in the Company at the date the prospectus was lodged;

- 36,000,000 shares were issued to Oxiana Limited pursuant to its Share Sale and Purchase Agreement with Toro Energy;

- 36,000,000 shares were issued to Minotaur Exploration Limited pursuant to its Share Sale and Purchase Agreement with Toro Energy, and the Lake Eyre and Mutooroo Tripartite Agreements; and

- 1,500,000 shares were issued to Billiton Exploration Australia Pty Ltd pursuant to the Lake Eyre and Mutooroo Tripartite Agreements.

In July 2007, the Company issued 3,066,667 shares to Deep Yellow Ltd in accordance with the Napperby Uranium Project – Acquisition Agreement announced on 15 February 2007.

Following the takeover of Nova Energy Ltd in the fourth quarter of 2007, the Company issued a further 346,101,853 shares to shareholders in Nova Energy Ltd under the 5.5:1 offer in accordance with the Bidders statement dated and lodged with the ASX on 31 August 2007.

The total shares on issue following the takeover of Nova Energy was 494,670,520 with 72,002,000 remaining in escrow until March 2008.

Further information on the top-20 shareholders and ranges of shares following the Nova energy takeover will be available on the Announcements page.

Options

Toro Energy has granted to each of the Directors unlisted options (each to acquire one share) as follows:

The Company has also issued 3,870,000 to employees under the Employee Share Option Plan (ESOP).

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