TOE – Toro Energy | Aussie Stock Forums

6 March 2006

TORO ENERGY LIMITED SHARE OFFER TO CLOSE

MORE THAN 191% OVERSUBSCRIBED

Minotaur Exploration Limited (“Minotaur Exploration”) and Oxiana Limited (“Oxiana”) have been advised by Toro Energy Limited (“Toro Energy” and the “Company”) that the $18 million Toro Energy share offer is more than 191% oversubscribed and as such has been closed as at 12.00 noon ACDT today.

As of the close of business on Friday, 3 March 2006 $52.5 million in applications had been received. Accordingly, the offer, which was scheduled to close on 10 March 2006, is being closed early due to the overwhelming interest shown by eligible shareholders of Minotaur Exploration and Oxiana, and new investors.

As outlined in the prospectus, the Company retains absolute discretion in allocating shares under the offer. Given that interest has far exceeded the size of the offer, applicants should note that their applications are likely to be subject to scale back or may be declined. If the number of shares allotted to an applicant is less than the number applied for, surplus application money will be refunded in accordance with the prospectus. Applicants to the priority offer will be treated preferentially to applicants to the public offer.

The allocation of Toro Energy shares, as stated in the prospectus, is subject to approval of a resolution by the shareholders of Minotaur Exploration for the sale of shares in Minotaur Uranium Pty Ltd to Toro Energy (according to ASX listing Rule 11.4); and Minister’s consent under the Mining Act to the sale of the rights of access to explore for uranium, and for mining and processing uranium, under both of the tenements access agreements and the new agreements referred to in the prospectus.

Minotaur Exploration and Oxiana are pleased to advise that Minister’s consent was obtained on 21 February and a meeting of Minotaur Exploration shareholders to approve the resolution for the sale of shares in Minotaur Uranium Pty Ltd will be held on 14 March, 2006.

Further details on the expected date for despatch of holding statements to successful applicants and the expected date for quotation of shares by ASX will be advised following the Minotaur Exploration shareholders meeting.

Owen L Hegarty Derek Carter

Managing Director Managing Director

Oxiana Limited Minotaur Exploration Ltd

For further details:

Oxiana Limited: +61 (0) 3 8623 2200

Investor enquiries contact: Richard Hedstrom

Media enquiries contact: Natalie Quinn

Minotaur Exploration Ltd: +61 (0) 8 8366 6000

All enquiries contact: Derek Carter