TORO ENERGY LIMITED — M&A Activity 2007

Oct 25, 2007

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TORO Energy Limited ABN 48 117 127 590 3 Boskenna Avenue Norwood SA 5067 Telephone: +61 8 8362 6677 Facsimile: +61 8 8362 6655

26 October 2007

The Manager Company Announcements Office Australian Stock Exchange Limited Level 4, 20 Bridge Street Sydney NSW 2000

Takeover Offer by Toro Energy Ltd (ASX Code: TOE) for Nova Energy Ltd (ASX Code: NEL) Close of Offer Period and notification of relevant interests

The off-market takeover bid by Toro Energy Limited ( Toro ) for all the issued ordinary shares ( Nova Shares ) in Nova Energy Limited ( Nova ) will close at 5:00pm (Adelaide time) today on 26 October 2007.

For the purposes of ASX Listing Rule 3.3, we notify that:

1. Toro and its associates have, at 12.32pm Friday 26 October 2007, a relevant interest in 93.63% of the Nova Shares; and

2. As the applicable thresholds have been reached, compulsory acquisition of the outstanding Nova Shares will proceed.

Yours faithfully

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................................................... Donald Stephens Company Secretary