TORO ENERGY LIMITED — Director's Dealing 2008

Dec 1, 2008

Appendix 3Y Change of Director’s Interest �otice

Rule 3.19A.2

Appendix 3Y

Change of Director’s Interest �otice

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.

�ame of entity TORO E�ERGY LIMITED AB� 48 117 127 590

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.

�ame of Director	Mr Jeff Sells
Date of last notice	5 November 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	Indirect
�ature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.	a) Tania Vidoni (Wife) b) Isabella Jane Pty Ltd as Trustee for the Sells Vidoni Family Trust
Date of change	26 November 2008
�o. of securities held prior to change	a) 16,000 Ordinary shares
Class	Ordinary shares
�umber acquired	b) 1,000,000 Options - Unquoted
�umber disposed	N/A
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	NIL
�o. of securities held after change	a) 16,000 Ordinary shares b) 1,000,000 Options–Unquoted

• See chapter 19 for defined terms.

11/3/2002

Appendix 3Y Page 1

Appendix 3Y Change of Director’s Interest �otice

�ature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back	Unquoted options issued as a key component of the remuneration of non-executive director’s, in order to retain their services and provide incentive linked to the performance of the Company. Approved by shareholders at the Annual General Meeting on 26November 2008.

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 �ature of interest �ame of registered holder (if issued securities) Date of change �o. and 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

11/3/2002