Final Results

Mosman Oil and Gas Limited (AIM: MSMN) the hydrocarbon, helium and hydrogen exploration, development, and production company, announces its final results for the year ended 30 June 2023.

Summary

• Gross Project Production 86,933 BOE1 2
• Net Production to Mosman 31,067 BOE3
• Revenue increased to AU$2.25m
• Gross Profit AU$0.67m
• Net loss for the year improved to AU$2.1m
• BOE/boe - barrels of oil equivalent based on calorific value as opposed to dollar value
• Gross Project Production - means the production of BOE at a total project level (100% basis) before royalties (where Mosman is the Operator) and where Mosman is not the operator the total gross production for the project
• Net to Mosman's Working Interest; Net Production attributable to Mosman means net to Mosman's Working Interest before royalties

Operational overview

USA

• Cinnabar project (75% WI) Cinnabar-1 well successfully drilled in November 2022 and commenced production in December, initially producing 100 bopd. Technical work is currently underway following a drop in production rates.
• Stanley project - Whilst overall production declined in the year, the installation and operation of jet pumps has resolved this with production now increasing.

Australia

EP145

• Published a new Prospective Resource estimate and license extended by 12 months to August 2026.
• Signed a farmin agreement with a subsidiary of Greenvale Energy Ltd to fund seismic and drilling.

The Company expects to publish its annual report today which will be posted and made available on the Company's website at www.mosmanoilandgas.com/financial-reports.

Board update

• John W Barr and John Young stepped down from the Board in September 2023.
• Andy Carroll, Technical Director appointed CEO in September, with Nigel Harvey appointed as Non-Executive Chairman and Carl Dumbrell appointed to the Board as Non-Executive Director

Andy Carroll, CEO of Mosman commented: "Whilst 2023 has been challenging, we have also made considerable progress. Mosman remains resolute in identifying opportunities which will provide operating cash flow and have development upside, in conjunction with exploration of existing exploration permits, whilst also being in a position to evaluate further acquisition targets.

"The team is building a strong foundation from which we plan to scale up the business and grow by taking advantage of opportunities in the year ahead.

"We acknowledge it has been a turbulent period for shareholders and would like to take this opportunity to thank them for their continued support whilst reassuring them of our confidence of achieving growth in both production and value for the business."

Updates on the Company's activities are regularly posted on its website: www.mosmanoilandgas.com

Chairman's Letter

I am pleased to provide my first report as Chair, following appointment in October 2023. FY 23 and its subsequent events have certainly been a busy and important period for Mosman Oil & Gas.

Both our board and our operations have materially evolved. They have done so around our continuing strategic objective to identify opportunities with significant upside and actual or potential operating cash flow. These opportunities have so far been predominantly in hydrocarbons, hydrogen and helium within our existing or expanding portfolio in Texas and central Australia.

My first duty as your Chair must be on behalf of all us shareholders, to acknowledge and thank both my former colleagues on the board. Our former Executive Chair John W Barr and our former Non-Executive Director John Young who both made invaluable and longstanding contributions since the Company's foundation. I must also welcome to the Board our new Non-Executive Director Mr Carl Dumbrell who brings great expertise to our table.

Executive Director Andy Carroll, formerly Technical Director, has now stepped up to become our Chief Executive Officer. He will be driving the Company forward supported by myself and Mr Dumbrell both as Non-Executives and our team of consultants. These include in particular Mr Howard McLauqhlin running our US operations, Dr Julie Daws our geologist focused on the central Australia assets, Jarrod White and his team at Traverse (especially Nick Marshall) providing financial and accounting support.

We plan to keep our team rightsized and our costs as low as practicable in pursuit of our objective of sustainable positive cash flow.

You will read ahead of several significant evolutions to our operations during the year as well.

In East Texas we drilled our first well at Cinnabar and expanded our lease there somewhat, buoyed by a very promising independent reserve report. Whilst subsequent production has been disappointing our team continues to work on technical solutions to access those more significant reserves.

Our Stanley assets have been responding very well to workovers and in particular installation of jet pumps. Our Falcon assets were disposed of and with them any residual liability.

The equity market's excitement around hydrogen and helium saw us looking at various potential paths for the significant prospective resources we have worked up with our key central Australian assets. This included even potentially a separate IPO. Ultimately, however, it was deemed more effective to farmout, which is yielding us certainty and importantly, no call on capital for these assets for quite some time. Mosman will be carried through the first few years of seismic and technical development as well as the cost of the first well (up to AUD5.5MM) and then retain a 25% interest in its EP 145 block near Alice Springs. Its other application block is also progressing slowly under an earlier farmout.

Nigel Harvey

Chair

Overview of the 2023 Financial Year

The current medium term focus, through wholly owned subsidiary Mosman Oil USA Inc, is on developing the existing production assets in the USA to deliver production increases and cash flow.

Summary

The Company has several active projects in the US in addition to exploration projects in the Amadeus Basin in Central Australia.

In the period there were several notable developments:

The Cinnabar project was acquired in 2021 at low cost when oil prices were lower. Two wells have been producing since the 1980s, with natural decline. 3D seismic was used to map the field and reservoir engineering modelling indicated significant remaining oil reserves. The current production rates need to be increased and technical work is underway to determine the best way forward.

At Stanley, gas lift was successful in increasing rates, but there is limited gas available. Jet pumps were installed, and after initial teething problems with sand production, have successfully increased production rates at the relevant wells. Technical work indicates additional recoverable oil at Stanley.

After shutting production in the year, the Falcon lease was disposed of post year end, and with it the liability for any potential future abandonment costs.

In the period, sales increased by 24% to $2,252,029 ($1,812,119 in 2022). Gross profit decreased by to $674,665 ($695,096 in 2022). The financial results were supported by increased ownership of projects, stronger commodity prices and the establishment of a broader production base, including the Cinnabar wells.

In Australia's Northern Territory, Mosman recently published a new Prospective Resource estimate over the EP 145 lease, saw the license extended to August 2024, and post period end, signed a farmin agreement with a subsidiary of Greenvale Energy Ltd to fund seismic and drilling. Upon completion, Mosman will retain a 25% working interest in EP 145

As shareholders and stakeholders expect, Mosman continues to take its Health and Safety requirements very seriously and to date there have been no health, safety or wellbeing issues reported in our small team.

Given the operational progress both during the year and after the reporting period, the Board looks forward with great optimism given these achievements and the growth opportunities available to it.

USA

Net Production attributable to Mosman in the year to 30 June 2023 was 31,067 boe, compared to 37,915 boe in 2022.

1BOE/boe - barrels of oil equivalent

2Gross Project Production - Means the production of BOE at a total project level (100% basis) before royalties (where Mosman is the Operator) and where Mosman is not the operator the total gross production for the project

3Net Production - Net to Mosman's Working Interest; Net Production attributable to Mosman means net to Mosman's Working Interest before royalties

The decrease in net production was primarily due to production halting at Falcon, which was somewhat offset by increased production at Stanley and new production at Cinnabar.

Cinnabar (75% working interest)

A well was drilled in November 2022, with Mosman farming out 25% WI, and a "turnkey" drilling contract was used to reduce cost exposure. The well was successfully drilled to target depth. Electric logs and a third party report indicated multiple oil reservoirs had been penetrated. There was a delay waiting for the third party cement crew and equipment, during which time there was "lost circulation" whereby fluid was pumped in to the well to keep it full, but not all of that fluid returned to surface. This may have damaged the reservoirs and contributed to subsequent production problems.

The well was put on production in late December, and initially produced over 100 bopd of oil and emulsion. Over time, the oil production declined and the water rate increased to the point where the well did not flow. Production logs were run and indicated the water was coming from one zone, and oil from another. A workover was performed to seal off that zone and flow another zone. Despite the production log, after the workover that zone will only flow intermittently (ie the well is shut in, pressure builds, the well is flowed, pressure drops and flow ceases).

The older wells have been worked-over and now flow at higher rates, albeit intermittently. This result suggests the reservoir pressure is not sufficient to maintain flow, and artificial lift is required (as is common in wells onshore USA). Technical work is underway to determine the best type of artificial lift for this field.

Cinnabar Gross Reserves (BOE):

Stanley (34.85% to 38.5% Working Interests)

Overall production at Stanley declined in the year but is now increasing primarily due to the installation and operation of jet pumps.

Livingston (20% Working Interest) and Greater Stanley (40% Working Interest)

These projects are of strategic importance and form part of the longer-term planning.

Arkoma (27% Working Interest)

Production has increased in FY2023, since the recovery from a significant lightning strike in March 2022. This asset has value when gas prices are high, due to the gas compression and transport costs.

Winters-2 (23% Working Interest)

Winters-2 continues to produce at rates exhibiting natural decline.

Falcon

The Falcon-1 well stopped producing in the June 2022 quarter and the subsequent attempted workovers were not successful. As a result, the well was shut-in for the full 2023 financial year. Subsequent to year-end, given the lower gas prices, Mosman determined not to invest additional resources in this project and reached an agreement to transfer the Falcon lease to 84 Energy Corp in exchange for the equipment on the lease. This means Mosman is not liable for potential future abandonment costs which were estimated to be up to US$200,000.

In addition, the adjacent undeveloped Galaxie exploration lease has not been renewed and has expired with no liabilities.

AUSTRALIA

Mosman has continued to conduct technical work on its Central Australian exploration projects, focused on the 100% owned EP 145, in the Amadeus Basin, Northern Territory.

An airborne gravity and gradiometry survey was completed in 2022 and provided a wealth of new information that is critical to ongoing work. That survey is a significant step in the exploration programme for EP 145 and is the first time that such data has been acquired for the whole 818 sq/km of the permit area.

This led to a new Prospective Resource estimate by Mosman as detailed below.

Based on a report by the Geognostics Australia Pty Ltd dated October 2022, and data from other wells in the Amadeus basin, Mosman has estimated gross Prospective Resource volumes for hydrocarbons, helium, and hydrogen associated with the Walker Creek Anticline as a lead within the boundaries of the EP 145 permit using a deterministic approach and applying the SPE PRMS standard.

Source: Mosman Oil and Gas Ltd, October 2022

The ongoing exploration work programme on EP 145 is to acquire seismic prior to drilling an exploration well. Mosman has applied for the required regulatory and CLC approvals. The CLC has conducted a site survey and has approved land access approval for seismic acquisition.

Once all approvals are obtained, the next step is the acquisition and interpretation of 2D seismic in the current permit year (expiring August 2024), prior to identifying a drilling location and drilling an exploration well.

Mosman successfully applied for a grant to undertake a soil gas sampling program targeting hydrogen and helium. The grant was awarded by the Northern Territories Government as part of the Geophysics and Collaborations program. Soil gas sampling is a non-invasive, rapid and relatively inexpensive technology to identify the presence of natural hydrogen and helium and provides a preliminary test to determine if these gases are present in the permit. Soil gas sampling for hydrogen is a relatively new technique and only a small number of companies globally have the equipment to undertake these studies. After evaluation, CSIRO are the preferred supplier offering reliable equipment and a relatively quick project turn around and Mosman is currently discussing timing for a survey. Given the remote location and extreme weather in the Northern Territory, collection of data is also restricted to the cooler months (April-October) for safety reasons. Mosman anticipates that it will be able to conduct a survey once all access approvals are met and equipment is available.

Subsequent to the end of the Financial Year, Mosman announced the funding of seismic and drilling by farmout to ASX listed Greenvale Mining Ltd. Subject to completion including government approvals, Mosman will retain 25% and Greenvale will earn 75% of the permit.

Mosman's other central Australian project is EPA-155. This permit is subject to a farmout with the next step being completion of Native Title negotiations.

Glossary:

CORPORATE

Financial Report

Overall, in the year to 30 June 2023, the Company made a loss of $2,127,198 (2022: $2,446,276) after impairments of $474,586 (2022: $1,606,816).

Revenue increased to $2,252,029 (2022: $1,812,119) as higher value oil production replaced lower value gas production.

Gross Profit decreased to $674,665 (2022: $695,096), primarily due to lower gas prices.

Of significance, some $2,567,643 (2022: $1,588,036) was spent on investing activities on assets in the portfolio during the year in support of the Group's growth strategy.

Asset value increase to $8,669,676 (2022: $8,602,400).

The net proceeds of fundraising activities during the year were $1,931,908 (2022: $2,043,051).

The Board continues to focus on achieving a cash flow positive position at a Company level. Given the current financial position, the results of recent drilling and the ongoing focus to control costs, this is now becoming an increasingly achievable objective.

Overhead costs continue to be tightly controlled. Mosman continues to operate with a very small number of Employees and Consultants. The Company operates in three countries and in four-time zones, and the role played by the Employees and Consultants is vital in achieving Mosman's strategic objective. Accordingly, I again express my profound gratitude for everyone's efforts in the year.

Outlook

Whilst 2023 has been challenging, we have also made considerable progress. Mosman remains resolute in identifying opportunities which will provide operating cash flow and have development upside, in conjunction with exploration of existing exploration permits, whilst also being in a position to evaluate further acquisition targets.

The team is building a strong foundation from which we plan to scale up the business and grow by taking advantage of organic production opportunities in the year ahead.

We acknowledge it has been a turbulent period for shareholders and would like to take this opportunity to thank them for their continued support whilst reassuring them of our confidence of achieving growth in both production and value for the business.

Andrew R Carroll

Executive Director and CEO

Consolidated Statement of Financial Performance

Year Ended 30 June 2023

All amounts are in Australian Dollars

The accompanying notes form part of these financial statements.

Consolidated Statement of Financial Position

As at 30 June 2023

All amounts are in Australian Dollars

The accompanying notes form part of these financial statements.

Consolidated Statement of Changes in Equity

Year Ended 30 June 2023

All amounts are in Australian Dollars

Transactions with owners, in their capacity as owners, and other transfers:

Transactions with owners, in their capacity as owners, and other transfers:

The accompanying notes from part of these financial statements

Notes to the Financial Statements

Year Ended 30 June 2023

All amounts are Australian Dollars

1 Statement of Accounting Policies

The principal accounting policies adopted in preparing the financial report of Mosman Oil and Gas Limited (or "the Company'') and Controlled Entities ("Consolidated entity" or "Group"), are stated to assist in a general understanding of the financial report. These policies have been consistently applied to all the years presented, unless otherwise indicated.

Mosman Oil and Gas Limited is a Company limited by shares incorporated and domiciled in Australia.

Basis of Preparation

This general purpose financial report has been prepared in accordance with Australian Accounting Standards (including Australian Interpretations) adopted by the Australian Accounting Standards Board and the Corporations Act 2001. Compliance with Australian Accounting Standards ensures that the financial statements also comply with International Financial Reporting Standards.

The financial report has been prepared on the basis of historical costs and does not take into account changing money values or, except where stated, current valuations of non-current assets.

Going Concern

The financial statements have been prepared on the going concern basis. As at 30 June 2023, the consolidated entity incurred a net loss of $2,127,198 during the year ended 30 June 2023 and, as of that date, the group had a cash balance of $520,613.

The financial report has been prepared on the going concern basis, which contemplates the continuity of normal business activity and the realization of assets and settlement of liabilities in the normal course of business.

In forming this view the directors have taken into consideration the following:

Should the company or the group not able to achieve matters set out above, there is a significant uncertainty related to events or conditions that may cast significant doubt on the company and the Group's ability to continue as a going concern, and, therefore, that it may be unable to realise its assets and discharge its liabilities in the normal course of business.

The financial report was authorised for issue by the Directors on 8 November 2023.

Principles of Consolidation and Equity Accounting

The consolidated financial statements incorporate the assets, liabilities and results of entities controlled by Mosman Oil and Gas Limited at the end of the reporting period. A controlled entity is any entity over which Mosman Oil and Gas Limited has the ability and right to govern the financial and operating policies so as to obtain benefits from the entity's activities.

Under AASB 11 Joint Arrangements, investments in joint arrangements are classified as either joint operations or joint ventures. The classification depends on the contractual rights and obligations of each investor, rather than the legal structure of the joint arrangement. Mosman Oil and Gas Limited has a working interest in various joint operations.

Joint ventures

Equity method

The carrying amount of equity-accounted investments is tested for impairment in accordance with the policy described in note 1(q).

Use of Estimates and Judgements

Critical Accounting Estimates and Judgements

Impairment of Exploration and Evaluation Assets

The key areas of judgement and estimation include:

• Recent exploration and evaluation results and resource estimates;
• Environmental issues that may impact on the underlying tenements;

Taxation

Exploration and Evaluation Assets

Income Tax

Deferred income tax liabilities are recognised for all taxable temporary differences.

Goods and Services Tax

Revenues, expenses and assets are recognised net of the amount of GST except:

• Receivables and payables are stated with the amount of GST included;
• Property, Plant and Equipment

Plant and equipment are measured on the cost basis and therefore carried at cost less accumulated depreciation and any accumulated impairment. In the event the carrying amount of plant and equipment is greater than the estimated recoverable amount, the carrying amount is written down immediately to the estimated recoverable amount and impairment losses are recognised either in profit or loss, or as a revaluation decrease if the impairment losses relate to a revalued asset. A formal assessment of recoverable amount is made when impairment indicators are present (refer to Note 1(q) for details of impairment).

The carrying amount of plant and equipment is reviewed annually by directors to ensure it is not in excess of the recoverable amount from these assets. The recoverable amount is assessed on the basis of the expected net cash flows that will be received from the asset's employment and subsequent disposal. The expected net cash flows have been discounted to their present values in determining recoverable amounts.

Depreciation

The depreciable amount of all fixed assets is depreciated on a straight-line basis over the asset's useful life to the consolidated group commencing from the time the asset is held ready for use. Leasehold improvements are depreciated over the shorter of either the unexpired period of the lease or the estimated useful lives of the improvements.

Exploration and Evaluation Assets

Where a resource has been identified and where it is expected that future expenditures will be recovered by future exploitation or sale, the impairment of the exploration and evaluation is written back and transferred to development costs. Once production commences, the accumulated costs for the relevant

area of interest are amortised over the life of the area according to the rate of depletion of the economically recoverable reserves.

• Accounts Payable
• Contributed Equity

Issued Capital

Incremental costs directly attributable to issue of ordinary shares and share options are recognised as a deduction from equity, net of any related income tax benefit.

Earnings Per Share

Basic earnings per share ("EPS") are calculated based upon the net loss divided by the weighted average number of shares. Diluted EPS are calculated as the net loss divided by the weighted average number of shares and dilutive potential shares.

• Share-Based Payment Transactions
• Comparative Figures
• Financial Risk Management
• Financial Instruments

Recognition, initial measurement and derecognition

Classification and subsequent measurement of financial assets

Hybrid contracts

Subsequent measurement of financial assets

• financial assets at amortised cost
• financial assets at fair value through profit or loss (FVPL)
• debt instruments at fair value through other comprehensive income (FVOCI)
• equity instruments at fair value through other comprehensive income (FVOCI)

Classifications are determined by both:

• the entity's business model for managing the financial asset
• the contractual cash flow characteristics of the financial assets

Financial assets at amortised cost

After initial recognition, these are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables fall into this category of financial.

Financial assets at fair value through profit or loss (FVPL)

Debt instruments at fair value through other comprehensive income (Debt FVOCI)

Equity instruments at fair value through other comprehensive income (Equity FVOCI)

Investments in equity instruments that are not held for trading are eligible for an irrevocable election at inception to be measured at FVOCI. Under this category, subsequent movements in fair value are recognised in other comprehensive income and are never reclassified to profit or loss. Dividend income is taken to profit or loss unless the dividend clearly represents return of capital.

Impairment of Financial assets

• Oil and gas assets
• Impairment of Assets

At each reporting date, the Group reviews the carrying values of its tangible assets to determine whether there is any indication that those assets have been impaired. If such an indication exists, the recoverable amount of the asset, being the higher of the asset's fair value less costs to sell and value in use, is

compared to the asset's carrying value. Any excess of the asset's carrying value over its recoverable amount is expensed to the income statement. Impairment testing is performed annually for goodwill and intangible assets with indefinite lives.

Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating until to which the asset belongs.

• Employee Entitlements
• Provisions
• Cash and Cash Equivalents

Cash and cash equivalents include cash on hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of 3 months or less, and bank overdrafts. Bank overdrafts are shown within short-term borrowings in current liabilities on the balance sheet.

Revenue and Other Income

Revenue from Joint Operations is recognised based on its share of the sale by joint operation.

Business combinations

Business combinations are initially accounted for on a provisional basis. The acquirer retrospectively adjusts the provisional amounts recognised and also recognises additional assets or liabilities during the measurement period, based on new information obtained about the facts and circumstances that existed at the acquisition-date. The measurement period ends on either the earlier of (i) 12 months from the

date of the acquisition or (ii) when the acquirer receives all the information possible to determine fair value.

Acquisition of Subsidiary Not Deemed a Business Combination

When an acquisition of assets does not constitute a business combination, the assets and liabilities are assigned a carrying amount based on their relative fair values in an asset purchase transaction and no deferred tax will arise in relation to the acquired assets and assumed liabilities as the initial exemption for deferred tax under AASB 12 applies. No goodwill will arise on the acquisition and transaction costs of the acquisition will be included in the capitalised cost of the asset.

Foreign Currency Translation

Functional currency

Presentation currency

The financial statements are presented in Australian dollars, which is the Group's presentation currency.

Functional currency balances are translated into the presentation currency using the exchange rates at the balance sheet date. Value differences arising from movements in the exchange rate is recognised in the statement of comprehensive income.

• Joint operations
• New standards and interpretations

Account Standard and Interpretation

5 Income Tax

• Numerical reconciliation of income tax expense to prima facie tax payable

24.

(b) Tax Losses

26.

• As at 30 June 2023 the Company had Australian tax losses of $15,994,372 (2022: $14,107,506). The benefit of deferred tax assets not brought to account will only be realised if:
• Future assessable income is derived of a nature and of an amount sufficient to enable the benefit to be realised; and
• The conditions for deductibility imposed by tax legislation continue to be complied with and no changes in tax legislation adversely affect the Company in realising the benefit.

5 Income Tax (continued)

Unbooked Deferred Tax Assets and Liabilities

• When appropriate, unpaid joint interest billing receivables are recovered from the interest holders share of production income.

9 Other Assets

• The Falcon-1 well stopped producing in the June 2022 quarter and the following workovers were not successful. As a result, an impairment of $1,412,233 was put through against the asset in FY2022 (as well a further impairment of $194,583 in relation to Greater Stanley assets), and a further $474,586 in FY2023.

12 Capitalised Oil and Gas Expenditure

16 Reserves (continued)

Options Reserve

Nature and purpose of the Option reserve

The options reserve represents the fair value of equity instruments issued to employees as compensation and issued to external parties for the receipt of goods and services. This reserve will be reversed against issued capital when the underlying shares are converted and reversed against retained earnings when they are allowed to lapse.

• During the year to 30 June 2023:
• Directors fees of $17,667 were paid or are payable to Mr Nigel Harvey;
• Director fees of $30,000 and consulting fees of $120,000 were paid or are payable to Australasian Energy Pty Ltd;
• Directors fees of $60,000 and consulting fees of $189,273 were paid or are payable to Kensington Advisory Services Pty Ltd;
• Directors fees of $30,000 were paid or are payable to J A Young;

Movement in Shares and Options

The aggregate numbers of shares and options of the Company held directly, indirectly or beneficially by Key Management Personnel of the Company or their personally-related entities are fully detailed in the Directors' Report.

Amounts owing to the Company from subsidiaries:

Trident Energy Pty Ltd

At 30 June 2023 the Company's 100% owned subsidiary, Trident Energy Pty Ltd, owed Mosman Oil and Gas Limited $4,060,949 (2022: $3,943,847).

OilCo Pty Ltd

At 30 June 2023 the Company's 100% owned subsidiary, OilCo Pty Ltd (OilCo), owed Mosman Oil and Gas Limited $763,034 (2022: $762,468).

Mosman Oil USA, Inc

At 30 June 2023 the Company's 100% owned subsidiary, Mosman Oil USA, Inc, owed Mosman Oil and Gas Limited $9,528,917 (2022: $7,611,451).

Adagio Resources Limited

At 30 June 2023 the Company's 100% owned subsidiary, Adagio Resources Limited, owed Mosman Oil and Gas Limited $2,539 (2022: nil).

19 Expenditure Commitments

Exploration

• EP145 is currently under extension until 21 August 2024, therefore there are no committed expenditures as of the date of this report.

19 Expenditure Commitments (continued)

Capital Commitments

The Company had no other capital commitments at 30 June 2023 (2022: $NIL).

20 Segment Information

Operating segments are identified by the board based on the Oil and Gas projects in Australia and the USA (and previously New Zealand until 2019). Discrete financial information about each project is reported to the board on a regular basis.

Segment performance

Reconciliation of segment result to net loss before tax

Amounts not included in segment result but reviewed by the Board

Reconciliation of segment result to net loss before tax

Amounts not included in segment result but reviewed by the Board

21 Producing assets The Group currently has 5 producing assets, which the Board monitors as separate items to the geographical and operating segments. Project performance is monitored by the line items below.

The following reflects the loss and share data used in the calculations of basic and diluted earnings/ (loss) per share:

• Credit Risk
• Commodity Price Risk and Liquidity Risk
• Net Fair Values

25 Contingent Liabilities

26 Mosman Oil and Gas Limited - Parent Entity Disclosures

Mosman Oil and Gas Limited is the Parent Company of the Group, which includes all of the controlled entities. See also Note 29 Subsequent Events for additional corporate activity in progress subsequent to the 30 June 2022 year end.

28 Share Based Payments

A summary of the movements of all company warrant issues to 30 June 2023 is as follows:

29 Events Subsequent to the End of the Financial Year

• On 13 July 2023, the Company announced it had raised £300,000, by way of a placing of 857,142,857 new ordinary shares of no-par value in the capital of the Company, at a placing price of 0.035p per share, with one warrant for every two Placing Shares exercisable at a price of 0.07p with a term of 24 months.
• On 31 August 2023, the Company announced that a frac was completed at the G-2 production well in the Cinnabar project.
• On 4 September 2023, the Company announced that Executive Chairman, John W Barr had given his notice of resignation as Director, effective 30 September 2023.
• On 4 September 2023, it was also announced the Mr John Young had resigned as Non-Executive Director, effective immediately.
• On 6 September 2023, the Company announced that the year three report on EP 145 had been lodged with the Northern Territory Government.
• On 7 September 2023, it was announced that the Company had reached an agreement to transfer the Falcon lease to 84 Energy Corp in exchange for equipment on the lease, noting the Company is not liable for potential future abandonment costs.
• In addition, the Galaxie exploration lease was not renewed and expired with no liabilities.
• On 29 September 2023, the Company announced the appointment of Mr Carl Dumbrell as an independent Non-Executive Director, with immediate effect. Subsequent to Mr John Barr's resignation, Mr Nigel Harvey would replace Mr John Barr as Chairman, and Mr Andrew Carroll would lead the business as CEO, both effective 1 October 2023.
• On 16 October 2023, the Company announced that it had entered into a farmin agreement with Greenvale Gold Pty Ltd, a wholly owned subsidiary of Greenvale Energy Ltd (ASX:GRV) to fund seismic and drilling on its EP 145 project in the Northern Territory of Australia. Upon Completion, Mosman would retain a 25% working interest in EP 145 and Greenvale would earn a 75% working interest in EP 145 by:

o Committing to pay AUD160,000 in cash within 5 days of Completion, which is subject to government approval of the transfer of interest and Operatorship:

o Paying for the EP 145 Permit Year 3 Work Program, including seismic, effective from Completion Date;

o Funding the Permit Year 4 Work Program, including drilling one well with a well cost cap of AUD5.5 million;

o The Year 3 Work Program is to be completed by August 2024 and the cost of the seismic acquisition is estimated to be circa AUD2 million;

o The Year 4 Work Program is to be completed by August 2025. The cost of drilling a well depends on many factors including the depth of a well and cost of drilling rigs at the time of drilling.

• On 26 October 2023, the Company announced the Central Land Council ("CLC") had agreed to extend the negotiating period in respect of the Company's EPA 155 permit application until October 2024.

There were no other material matters that occurred subsequent to 30 June 2023.