Final Results

Mosman Oil and Gas Limited (AIM:MSMN) the helium, hydrogen and hydrocarbon exploration, development and production company, announces its final results for the year ended 30 June 2024.

Summary

• Gross Project Production: 47,245 BOE 1 2
• Net Production to Mosman: 16,340 BOE3
• Revenue: AU$186,232
• Gross Profit: AU$76,362
• Net loss for the year: AU$2.1m

Operational overview

• The pivot to focus on helium was achieved with first entry into the USA with the acquisition of a 20% working interest in the Vecta Helium Project, where drilling of five planned helium wells is expected to commence in December 2024.
• Cinnabar project (75% WI) in Texas, USA leases are held by production and has significant Reserves. Technical work is underway to resolve production challenges.
• The two projects in Australia are progressing. At EP-145, land access was obtained from CLC and the Environmental Management Plan has been submitted for approval. At EPA-155, the process to approve the grant of the permit progressed with a meeting held with CLC and native title stakeholders.

Post-period overview

• Completed sale of Stanley project in USA.
• Raised £1.5m by way of a placing and subscription of ordinary shares. This, combined with the Stanley sale enables the Company to fund its share of Vecta drilling 5 wells, acquire seismic a t EP-145 and business development seeking additional helium exploration projects.
• With the focus on helium exploration, appraisal and development and the sale of Stanley area assets, Mosman will no longer be providing quarterly production updates.

Andy Carroll, CEO of Mosman commented: "It has been a significant year for Mosman as we delivered on our corporate plan to turn our focus towards helium opportunities.

"This pivot has been made possible by the hard work of the team who have now built a strong foundation upon which we can now grow the business and capitalise on the exciting opportunities ahead of us.

"I would like to once again thank shareholders for their continued support during a year of significant change and reemphasise our confidence in the future of the business."

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/reports-results-presentations

• 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

Chairman's Statement

We look back with pride on a busy year of transformation and transactions at Mosman Oil & Gas and we believe that it portends more to come as opportunities arise and resources allow.

Strategic move into helium

During the year, the Group completed its strategic review and concluded Mosman would focus on helium opportunities more than conventional natural gas and oil and this strategic pivot into helium was advanced in June 2024 with the acquisition of a 10% interest in the Vecta helium project in USA.

In pivoting to helium Mosman remains firmly focused on exploration, development and production where we apply the technical and commercial skills borne of extensive experience in the hydrocarbon industry that have applications in helium: in the newer more exciting and more valuable markets of helium and hydrogen. As a Group we are proudly opportunistic in our quest for good assets to acquire and commercialise.

Our exit from the Stanley oil & gas assets had been in progress for many months and we were pleased to conclude this disposal in October 2024. Not only did this improve the balance sheet, but with a clear focus on building the Group's helium portfolio, Howard McLaughlin, head of US Operations, can now focus more closely on assessing new helium opportunities with support from Tim Rynott, an experienced helium consultant, who was appointed in September 2024.

Helium, and to a lesser extent hydrogen, have both been long-term targets in our large central Australian exploration blocks. We have historically farmed them out to partners to fund exploration but retained material carried interests. More recently though, when our partner in EP-145 changed its own ambitions, we were happy to buy back and resume control.

Corporate Update

In September 2023, the Board renewal process was completed with my appointment as non-executive Chairman and Carl Dumbrell as a non-executive Director, resulting in a reduction in the number of Directors from four to three; the reduction in executive directors from two to one; and a clearer separation of Board and management with two independent Directors and a Chief Executive Officer.

In Australia, recent activity has highlighted the need to expand the general management resource and we have appointed Dr Julie Daws, who has worked as our consultant geologist for more than 10 years as General Manager of Exploration. Julie has been an anchor and technical lead on the Central Australian assets and a key technical advisor to our CEO. Julie's appointment, combined with Tim Rynott's appointment to support Howard McLaughlin in the US, has resulted in a stronger operational team to deliver on the Group's strategy.

As part of our repositioning, in June we launched a new website alongside refreshed branding to better represent the evolution of Mosman Oil & Gas as a helium focussed company.

Health and Safety update - It is also pleasing to report that no accidents were reported among the Group, underscoring our commitment to maintaining a safe working environment.

Post-Period Events

In September, the Company completed a £1.5m placing that was well supported by the market, this was followed by the completion of the sale of our interest in Nadsoilco LLC in October 2024 and provided Mosman with a healthy cash position which will allow the Company to pursue and progress new projects and provide additional working capital. The Company expects to deploy some of this capital in its forthcoming seismic acquisition in Australia and participating in drilling 5 wells in the USA.

Finally, I would like to extend my gratitude to the team, consultants and advisers whose hard work and dedication has been invaluable in helping to drive the company forward in a transformational year.

Nigel Harvey

Chair

Overview of the 2024 Financial Year

The current focus, through the wholly owned subsidiary Mosman Helium Inc, is on acquiring high potential helium assets in the USA to deliver growth by identifying commercial helium resources that can be commercialised and deliver reserves, production and cash flow.

Summary

In the period there were several notable developments:

More than $785,000 was invested in increasing production and progressing exploration during the period.

In October 2023, the Company announced that it had entered into a farmout 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 in April 2024 Mosman retained a 25% working interest in EP-145 and Greenvale had a 75% working interest. Subsequent to year-end, Mosman reached an agreement to acquire the 75% interest in EP-145 from Greenvale Energy Ltd, subject to normal conditions including government approval. This will result in Mosman holding a 100% interest and operational control of EP-145.

The sale of Nadsoilco LLC (which holds the Stanley assets) for consideration of up to US$1.75m was announced in June 2024 and completed subsequent to the financial year end. The final sale terms, as announced on 2 October 2024 were:

• US$500k initial payment (which has been received);
• Two conditional cash payments of US$250k each to be paid within 10 days of end of June 2025, and June 2026 respectively if the gross production rate average for each intervening period is greater than 150 bopd;
• Three additional US$250k payments upon achieving gross aggregate production milestones of 100,000 bbls, 200,000 bbls and 300,000 bbls of oil from the effective date of completion of 1 July 2024.

In June 2024, the Group announced that it had acquired a 10% working interest in a helium project in Las Animas County, Colorado, USA (the "Vecta Helium Project") from Vecta Oil and Gas Ltd, a private company that has explored, drilled and produces helium in Colorado (the "Acquisition").

In the period, primarily due to lower production at Cinnabar, and as set out in the Company's quarterly production updates, annual sales (including from discontinued operations) decreased by 44% to $1,251,551 ($2,252,029 in 2023) and gross profit decreased by 37% to $425,202 ($674,665 in 2023).

Subsequent to the financial year end, a further 10% of the Vecta project was acquired for shares. Vecta Oil & Gas Ltd owns the remaining 80% and operates the project.

USA

Net Production attributable to Mosman in the year to 30 June 2024 was 16,340 boe, compared to 31,067 boe in 2023.

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

4Projects were disposed of as part of the Nadsoilco LLC sale subsequent to financial year end

The decrease in net production was primarily due to lower production at Cinnabar, which was somewhat offset by increased production at Stanley.

Cinnabar (75% working interest)

The decision was made to recomplete Arco Fee G-3 (formerly known as Cinnabar-1) in a zone that looked promising on wireline logs. The recompleted zone has produced oil with reduced water flow but only flows for a few days before being shut-in to build up pressure.

The other wells continue to produce oil intermittently.

Cinnabar Gross Reserves (BOE):

Stanley (34.85% to 38.5% Working Interests)

Overall production at Stanley declined in the year but is increased in the latter part of the year due to successful workovers. Stanley was sold post the end of the financial period with completion in October 2024.

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

These assets were sold with the Stanley assets as noted above.

Arkoma (27% Working Interest)

Production decreased in FY2024. This asset has value when gas prices are high, however due to the gas compression and transport costs it has limited value during current low gas prices. The Company continues to review options for the asset but has not committed additional expenditure.

Winters-2 (23% Working Interest)

Winters-2 continues to produce at rates exhibiting natural decline. These assets were sold with the Stanley assets.

AUSTRALIA

Mosman has continued to conduct technical work on its Central Australian exploration projects in the Amadeus Basin, Northern Territory.

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 program on EP-145 is to acquire seismic prior to drilling an exploration well. The CLC has conducted a site survey and has approved land access for seismic acquisition.

Other approvals have been applied for the acquisition of 2D seismic in the current permit year prior to identifying a drilling location and drilling an exploration well.

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

CORPORATE

Financial Report

In the year to 30 June 2024, the Company made a loss of $2,140,072 (2023: $2,127,198) after loss from discontinued operations of $594,241 (2023: $134,382).

Revenue from continuing operations decreased to $186,232 (2023: $572,174), primarily due to decreased production at Cinnabar.

Gross Profit from continuing operations decreased to $76,362 (2023: $221,295), primarily due to lower production.

Of significance, some $1,097,952 (2023: $2,567,643) was spent on investing activities on assets in the portfolio, including payments towards the Vecta acquisition, further development and workovers for Cinnabar, and workovers for Stanley which led to improved production rates in Q4.

Total asset value increased to $9,450,567 (2023: $8,669,676).

The net proceeds of fundraising activities during the year were $1,859,072 (2023: $1,931,908).

Overhead costs continue to be tightly controlled. Mosman continues to operate with a very small number of Employees and Consultants. The Company operates in two countries and in four-time zones, and the role played by the Employees and Consultants is vital in achieving Mosman's strategic objective.

Outlook

We have successfully pivoted from oil and gas production to helium focused exploration. Mosman has identified 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.

We are particularly encouraged by the wide range of early stage helium exploration opportunities in the USA. The Vecta project is a good example of shallow low cost drilling that enables exploration and production without large capital requirements. Other projects are being evaluated that, if acquired, will complement this asset with identified prospects in areas with demonstrated helium production.

Andrew R Carroll

Executive Director and CEO

Glossary

Consolidated Statement of Profit or Loss and Other Comprehensive Income

Year Ended 30 June 2024

All amounts are in Australian Dollars

The accompanying notes form part of these financial statements.

Consolidated Statement of Profit or Loss and Other Comprehensive Income

Year Ended 30 June 2024

All amounts are in Australian Dollars

The accompanying notes form part of these financial statements.

Consolidated Statement of Financial Position

As at 30 June 2024

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 2024

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:

Notes to the Financial Statements

Year Ended 30 June 2024

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 2024, the consolidated entity incurred a net loss of $2,140,072 during the year ended 30 June 2024 and, as of that date, the group had a cash balance of $873,365.

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 30 October 2024.

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(s).

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.

• Discontinued operations
• 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(s) 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.

• Non-current assets or disposal groups classified as held for sale

An impairment loss is recognised for any initial or subsequent write down of the non-current assets and assets of disposal groups to fair value less costs of disposal. A gain is recognised for any subsequent increases in fair value less costs of disposal of a non-current assets and assets of disposal groups, but not in excess of any cumulative impairment loss previously recognised.

Non-current assets are not depreciated or amortised while they are classified as held for sale. Interest and other expenses attributable to the liabilities of assets held for sale continue to be recognised.

• Accounts Payable
• Contributed Equity

Issued Capital

Incremental costs directly attributable to issue of ordinary shares and share options and warrants 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

Tax effect of amounts which are deductible/non-deductible In calculating taxable income:

• Tax Losses As at 30 June 2024 the Company had tax losses of $ 34,345,264 (2023: $32,762,723). 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.
• Unbooked Deferred Tax Assets and Liabilities Deferred tax assets are estimated but not recognised at $8,586,316 at 30 June 2024 (2023: $8,190,681) so as to enable the Board to determine more reliably the probability of utilising these tax assets in the foreseeable future.

• Excludes cash balances of Nadsoilco, LLC, which have been separately disclosed in Assets Held for Sale. Refer Note 10 for further details.

8 Trade and Other Receivables

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

9 Other Assets

10 Assets and Liabilities Classified as Held For Sale On 10 June 2024, the Company announced the sale of its interest in Nadsoilco LLC. On 2 October 2024, the Company further announced that it had completed the sale for consideration of up to US$1.75 million. The final sale terms were: · US$500k initial payment; · Two conditional cash payments of US$250k each to be paid within 10 days of end of June 2025, and June 2026 if the gross production rate average for each intervening period is greater than 150 bopd; · Three additional US$250k payments upon achieving gross aggregate production milestones of 100,000 bbls, 200,000 bbls and 300,000 bbls of oil from the effective date of completion of 1 July 2024.

• US$1.75m in consideration is receivable for the sale of Nadsoilco LLC, with US$1.25m subject to production milestones. The Directors have impaired the value of the Assets Held for Sale down to US$1.55m (AU$2.34m) based on a weighted probability of each tranche of the production milestones.

Discontinued operations

Financial performance

• $223,228 of the amortisation balance disclosed relates to amortisation expense from discontinued operations.
• Impairment of $588,217 was recognised in relation to capitalised oil and gas assets held in Nadsoilco LLC and is reflected in loss on discontinued operations. The remaining oil and gas assets held in this entity were transferred to assets held for sale.

13 Capitalised Oil and Gas Expenditure

Warrants Reserve

Nature and purpose of the Warrants Reserve

The warrants 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.

Movement in Warrants Reserve

• During the year to 30 June 2024:
• Directors fees of $37,500 were paid or are payable to Mr Nigel Harvey;
• Director fees of $37,500 were paid or are payable to Universe Solutions Pty Ltd, and consulting fees of $229,000 were paid or are payable to Australasian Energy Pty Ltd, of which both entities are controlled by Mr Andrew Carroll;
• Director fees of $30,000 were paid or are payable to Mr Carl Dumbrell;
• Directors fees of $15,000 and consulting fees of $120,000 were paid or are payable to Kensington Advisory Services Pty Ltd, an entity control by Mr John Barr;
• CFO, Company Secretary and Consulting Fees totalling $66,000 were paid or are payable to Mr J T White's accounting firm, Traverse Accountants Pty Ltd.

Movement in Shares and Warrants

The aggregate numbers of shares and warrants 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 2024 the Company's 100% owned subsidiary, Trident Energy Pty Ltd, owed Mosman Oil and Gas Limited $4,017,275.84 (2023: $4,060,949).

OilCo Pty Ltd

At 30 June 2024 the Company's 100% owned subsidiary, OilCo Pty Ltd (OilCo), owed Mosman Oil and Gas Limited $764,358 (2023: $763,034).

Mosman Oil USA, Inc

At 30 June 2024 the Company's 100% owned subsidiary, Mosman Oil USA, Inc, owed Mosman Oil and Gas Limited $9,679,815 (2023: $9,528,917).

Adagio Resources Limited

At 30 June 2024 the Company's 100% owned subsidiary, Adagio Resources Limited, owed Mosman Oil and Gas Limited $4,984 (2023: $2,539).

20 Expenditure Commitments

Exploration

• EP145 is currently under extension until 21 February 2025. End date is 21st February 2027
• Capital Commitments

The Company had no other capital commitments at 30 June 2024 (2023: $NIL).

21 Segment Information

Operating segments are identified by the board based on the Oil and Gas projects in Australia and the USA. 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

22 Producing assets For the year ended 30 June 2024, the Group had 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 loss per share:

• $223,228 of the amortisation balance and $588,217 of impairment disclosed relates to expenses from discontinued operations.

25 Financial Instruments

Interest Rate Risk

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

26 Contingent Liabilities

27 Mosman Oil and Gas Limited - Parent Entity Disclosures

• Entity sold subsequent to balance date.

Mosman Oil and Gas Limited is the Parent Company of the Group, which includes all of the controlled entities. See also Note 30 Subsequent Events for additional corporate activity in progress subsequent to the 30 June 2024 year end.

29 Share Based Payments

A summary of the movements of all company warrant issues to 30 June 2024 is as follows:

30 Events Subsequent to the End of the Financial Year

Subsequent to the end of the reporting period the Company announced the following material matters:

• Between 1 July and 16 September 2024, a total of 1,476,000,000 warrants were converted into ordinary shares of the Company at a price of 0.025 British Pence per share, resulting in additional capital contributed to the Company of £369,000.
• On 23 July 2024, the Company announced that it had acquired a further 10% working interest in the Vecta Helium Project in Las Animas County, Colorado, USA from Vecta Oil and Gas Ltd, increasing Mosman's total WI in the project to 20%. Consideration for the acquisition was US$500,000, payable via the issue of 650,000,000 shares.
• On 6 August 2024, the Company announced that had received notification of an extension to the EP 145 Permit by the NT Government until 21 February 2027 and a six month suspension of the Year 3 work program conditions to 21 February 2025.
• On 13 September 2024, the Company announced that a Court decision in August 2024 was made in favour of Nadsoilco LLC (owned by Mosman at no cost to Mosman other than legal fees) in relation to a lawsuit. The Court decision required documents to be drafted and signed, and the signing of the legal documents allowed the sale of Stanley to proceed.
• On 16 September 2024, the Company announced that it had raised £1.485 million (before expenses) through the issue of 4,242,857,144 new ordinary shares of no par value at a price of 0.035 pence per share. Directors Andy Carroll and Nigel Harvey will subscribe for a total of £15,000, being 42,857,143 new ordinary shares of no par value, at the Issue Price. The Director Subscription will be subject to disclosure as a Related Party Transaction in accordance with the AIM Rules for Companies and the requirements of the Australian Corporations Act, which includes shareholder approval.
• On 2 October 2024, the Company announced that it had completed the sale of its interest in Nadsoilco LLC for consideration of up to US$1.75 million. The final sale terms were:

o US$500k initial payment;

o Two conditional cash payments of US$250k each to be paid within 10 days of end of June 2025, and June 2026 if the gross production rate average for each intervening period is greater than 150 bopd;

o Three additional US$250k payments upon achieving gross aggregate production milestones of 100,000 bbls, 200,000 bbls and 300,000 bbls of oil from the effective date of completion of 1 July 2024.

• On 15 October 2024, the Company announced that it had reached agreement to acquire Greenvale Energy Ltd's 75% interest in EP-145, subject to normal conditions including government approval. The consideration payable is AU$250,000 (including the acquisition of seismic long lead items acquired by Greenvale worth approximately AU$122,000) and will result in Mosman holding a 100% interest and operational control of EP-145.

There were no other material matters that occurred subsequent to 30 June 2024.