14 February 2020

Mosman Oil and Gas Limited

("Mosman" or the "Company")

Director Subscription

Further to the Placing announced earlier today, Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development and production company, announces that the Company's Executive Chairman, John Barr, and Technical Director, Andy Carroll, have agreed to subscribe for a further aggregate 41,666,666 shares at a price of 0.15p per share ("Director Subscription Shares") in lieu of director and consultancy fees due or owed for the year to 30 June 2020 of AUD120,000 (the "Director Subscription").

Following the Director Subscription and the Fundraising announced earlier today, their shareholdings will be as follows:

Director

No. of Ordinary

No. of New

No. of Ordinary

% interest in

Shares held as at

Shares

Shares held

Ordinary shares

date of this

subscribed for in

immediately

immediately

announcement

the Director

following

following

Subscription

admission

admission

John Barr

30,100,001

20,833,333

50,933,334

4.52%

Andy Carroll

21,876,500

20,833,333

42,709,833

3.79%

They will each also receive 1 warrant for each Director Subscription Share on the same basis as those taking part in the Fundraising, each warrant conveying the right to subscribe for a further new ordinary share at an exercise price of 0.23p with a term of 12 months.

No. of options over

No. of options over

No. of options over Ordinary

Director

Ordinary Shares held

Ordinary Shares subscribed

Shares held immediately

prior to the

for in the Director

following the Director

announcement

Subscription

Subscription

John Barr

13,000,000*

20,833,333**

33,833,333

Andy Carroll

13,000,000*

20,833,333**

33,833,333

*Exercisable at various prices

** Exercisable at a price of 0.23p per share

Related Party Transaction

John Barr and Andy Carroll, as directors of the Company, are considered to be "related parties" as defined under the AIM Rules and accordingly, their participation in the Director Subscription constitutes a related party transaction for the purposes of Rule 13 of the AIM Rules.

The Director independent of the Director Subscription, being John Youngs (Non-Executive Director), considers, having consulted with the Company's nominated adviser, that the terms of the Director Subscription are fair and reasonable insofar as the Company's shareholders are concerned.

Admission to AIM and Total Voting Rights

Further to the announcement this morning, application has now been made for the Placing Shares and the Director Subscription Shares (together the "New Shares"), which will rank pari passu with the existing Ordinary Shares, to be admitted to trading on AIM ("Admission"). It is

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expected that Admission will become effective and dealings will commence on or around 27 February 2020.

Following Admission, the issued share capital of the Company will consist of 1,127,477,634 Ordinary Shares. No shares were held in treasury at the date of this announcement. The total current voting rights in the Company are therefore 1,127,477,634.

Consequently, the above figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Company's Constitution.

Enquiries:

Mosman Oil & Gas Limited

NOMAD and Broker

John W Barr, Executive Chairman

SP Angel Corporate Finance LLP

Andy Carroll, Technical Director

Stuart Gledhill / Richard Hail / Soltan Tagiev

jwbarr@mosmanoilandgas.com

+44 (0) 20 3470 0470

acarroll@mosmanoilandgas.com

Alma PR

Justine James

+44 (0) 20 3405 0205

+44 (0) 7525 324431

mosman@almapr.co.uk

Updates on the Company's activities are regularly posted on its website

www.mosmanoilandgas.com

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

The notifications below, made in accordance with the requirements of the EU Market Abuse Regulation, provide further detail on the director's share dealing.

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NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM.

1.

Details of the person discharging managerial responsibilities/person closely

associated

a)

Name:

1. John Barr

2. Andy Carroll

2.

Reason for the notification

a)

Position/status:

1.

Chairman

2.

Technical Director

b)

Initial notification/Amendment:

Initial notification

3.

Details of the issuer, emission allowance market participant, auction platform,

auctioneer or auction monitor

a)

Name:

Mosman Oil and Gas Limited

b)

LEI:

213800PWZID9URNNGZ54

4.

Details of the transaction(s): section to be repeated for (i) each type of instrument;

(ii) each type of transaction; (iii) each date; and (iv) each place where transactions

have been conducted

a)

Description of the financial instrument, type

Ordinary shares of no par value and options

of instrument:

over ordinary shares

Identification code:

AU0000XINET1

b)

Nature of the transaction:

Purchase of new ordinary shares

c)

Price(s) and volume(s):

New ordinary shares

Price(s)

Volume(s)

1. 0.15p

20,833,333

2. 0.15p

20,833,333

Warrants over ordinary shares

Price(s)

Volume(s)

1. 0.23p

20,833,333

2. 0.23p

20,833,333

d)

Aggregated information:

New Ordinary Shares

Aggregated volume:

Price(s)

Volume(s)

Price:

0.15p

41,666,666

3

Warrants over ordinary shares

Price(s)

Volume(s)

1. 0.23p

41,666,666

e)

Date of the transaction:

February 2020

12

f)

Place of the transaction:

Outside of trading venue

**ENDS**

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Disclaimer

Mosman Oil & Gas Ltd. published this content on 14 February 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 February 2020 11:26:11 UTC