On 25 November 2005 PlatSearch announced an issue of ordinary shares under its Share Purchase Plan (SPP). The Plan entitled shareholders in the Company, irrespective of the size of their shareholding, to purchase up to $5,000 worth of shares in PlatSearch at 7 cents per share. At the closing date of 16 January 2006 applications had been received from 97 shareholders for 4,601,180 shares at the issue price of 7 cents, amounting to $322,082.60. The shares were allotted today.

The funds raised will be used to provide additional capital to continue PlatSearch's project generation and project enhancement, prior to drill testing or farm-out to larger companies. The shares issued pursuant to the SPP rank equally in all respects with all existing ordinary shares previously issued by the Company.

A copy of Appendix 3B as required by Listing Rule 3.10.3 is attached.

On 23 January 2006, PlatSearch issued 4,601,180 fully paid ordinary shares ("Securities") to local investors.

The Act restricts the on-sale of securities issued without disclosure, unless the sale is exempt under section 708 or 708A. By the Company giving this notice, a sale of the Securities noted above will fall within the exemption in section 708A(5) of the Act.

The Company hereby notifies ASX under paragraph 708A(5)(e) of the Act that:

a)     the Company issued the Securities without disclosure to investors under Part 6D.2 of the Act;

b)     as at 23 January 2006 the Company has complied with the provisions of Chapter 2M of the Act as they apply to the Company, and section 674 of the Act; and

c)     as at 23 January 2006 there is no information:

i)     that has been excluded from a continuous disclosure notice in accordance with the ASX Listing Rules; and

ii)     that investors and their professional advisers would reasonably require for the purpose of making an informed assessment of:

A)     the assets and liabilities, financial position and performance, profits and losses and prospects of the Company; or

B)     the rights and liabilities attaching to the Securities.

Yours faithfully
PlatSearch NL

Robert J Waring
Company Secretary