TORO ENERGY LIMITED — M&A Activity 2007

Oct 1, 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

NOTICE UNDER SECTION 650F OF THE CORPORATIONS ACT 2001 (CTH) DECLARING THE OFFERS FREE FROM DEFEATING CONDITIONS

TO: Nova Energy Ltd 2[nd] Floor, 16 Ord Street WEST PERTH WA 6005

AND TO: The Manager Australian Securities Exchange Company Announcements Office Level 4 20 Bridge Street SYDNEY NSW 3000

Toro Energy Ltd ACN 48 117 127 590 (“ Toro ”) hereby gives notice that it declares the offers dated 31 August 2007 made by it under an off-market takeover bid for all the ordinary shares in Nova Energy Ltd (“ Nova ”) and the contracts formed by acceptance of any of those offers free from the conditions set out in section 15.8 of the Bidder’s Statement dated 31 August 2007 relating to those offers except the conditions requiring:

• minimum Nova shareholder acceptance of Toro’s offer (see section 15.8(a) Bidder’s Statement); and

• Toro shareholder approval for the issue of Toro shares to and acquisition of Nova Shares by Toro from Agincourt Resources Ltd as a result of acceptance of Toro’s offer by Agincourt Resources Ltd for all its Nova Shares (see section 15.8(b) Bidder’s Statement).

The offers are now free of the conditions set out in section 15.8 of the Bidder’s Statement except the conditions set out in sections 15.8(a) and (b) (see above).

For the purpose of section 650F(2)(b) of the Corporations Act 2001 (Cth) Toro’s voting power in Nova at the time of giving this notice is 61.23% of the ordinary shares in Nova presently on issue.

DATED 2 OCTOBER 2007

ON BEHALF OF TORO ENERGY LTD

Donald Stephens Company Secretary Toro Energy Limited