Torrens Energy closes IPO oversubscribed

West Perth-based geothermal energy exploration company Torrens Energy Ltd has closed its $6 million initial public offer oversubscribed, the company announced today.

The full text of a company announcement is pasted below

Geothermal "Hot Rock" Company Torrens Energy Ltd (TEY & TEYO) is pleased to announce that it has closed its $6,000,000 Initial Public Offer early on the 16th of March, less than three weeks after opening.

Due to overwhelming investor interest, the offer - which comprised 30 million shares at 20c each, with one free attaching listing option for every two shares - was heavily oversubscribed. Many applications could not be processed as the funds received exceeded the amount that could be accepted under the terms of the prospectus.

Torrens has created an exceptional opportunity to generate sustainable, renewable, emissions-free geothermal energy and become a dominant player in efficient, reliable electricity generation.

The Company has been granted a large geothermal tenement holding in areas close to Adelaide in South Australia. The selected areas are known for high heat flow and coincide with the overlying insulating sedimentary cover required for high temperatures to accumulate. In addition, and unique to Torrens, these highly prospective areas are located on the National Power Grid, close to large energy markets and infrastructure.

Lead manager to the raising, Darien Jagger from Cygnet Capital, said that he was delighted by the demand for the IPO.

"Torrens' successful IPO reflects strong interest in the company and the public's appetite for investment in the alternative energy sector," Mr Jagger said. "This sentiment has been fuelled by recent unprecedented press and a groundswell of public support for a technology that may provide some welcome relief to Australia's high level of carbon contributions.

"We are very excited by the ethical energy space and it was encouraging to see this excitement reflected in investment for Torrens. The company is well positioned to enter a growth sector and we are particularly pleased to have attracted such a strong level of institutional interest. We congratulate the company on attaining such a positive response."

Torrens is scheduled to list on the ASX in late March 2007.