HIGH PEAK ROYALTIES LIMITED — Director's Dealing 2007

Dec 18, 2007

Appendix 3Y Change of Director’s Interest Notice

Rule 3.19A.2

Appendix 3Y

Change of Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/9/2001.

Name of entity TORRENS ENERGY LIMITED ABN 79 118 065 704

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	MARCUS GRACEY
Date of last notice	16 JULY 2007

Part 1 - Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

Direct or indirect interest	Direct
Nature of indirect interest	n/a
(including registered holder)
Note: Provide details of the circumstances giving rise to the relevant
interest.
Date of change	19 December 2007
No. of securities held prior to change	115,000 ordinary fully paid shares
	212,500 options exercisable $0.25, expiring
	31 March 2010
Class	Unlisted options
Number acquired	40,000 options exercisable $0.70, expiring
	30 June 2010
	100,000 options exercisable $1.00, expiring
	30 June 2010
	200,000 options exercisable $1.50, expiring
	30 June 2010
Number disposed	n/a

• See chapter 19 for defined terms.

Appendix 3Y Page 1

Appendix 3Y Change of Director’s Interest Notice

Value/ConsiderationNote: If consideration is non-cash, provide details and estimatedvaluation	Issued free of charge as part of Mr Gracey’sremuneration terms,
No. of securities held after change	115,000 Ordinary Fully Paid Shares212,500 Options exercisable $0.25, expiring31 March 201040,000 options exercisable $0.70, expiring30 June 2010100,000 options exercisable $1.00, expiring30 June 2010200,000 options exercisable $1.50, expiring30 June 2010
Nature of changeExample: on-market trade, off-market trade, exercise of options, issue ofsecurities under dividend reinvestment plan, participation in buy-back	Issued pursuant to the Annual GeneralMeeting held on 20 November 2007.

Part 2 – Change of director’s interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

Detail of contract Nature of interest Name of registered holder (if issued securities) Dateof change No. nd class of securities to which interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed Interest acquired Interest disposed Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation Interest after change

• See chapter 19 for defined terms.

Appendix 3Y Page 2