Samson Oil & Gas Limited (ASX: SSN, NYSE AMEX: SSN) advises that it has filed the following letter with the ASX on January 20, 2017. The letter was sent in response to a query from the ASX with regards to the increased price and volume of trading in the securities of Samson Oil & Gas Limited on the ASX during January 20, 2017.

For and on behalf of the board ofSAMSON OIL & GAS LIMITED

TERRY BARRManaging Director

Statements made in this press release that are not historical facts may be forward looking statements, including but not limited to statements using words like “may”, “believe”, “expect”, “project”, “anticipate”, “should” or “will.” Actual results may differ materially from those projected in any forward-looking statement. There are a number of important factors that could cause actual results to differ materially from those anticipated or estimated by any forward looking information, including uncertainties inherent in estimating the methods, timing and results of exploration activities. A description of the risks and uncertainties that are generally attendant to Samson and its industry, as well as other factors that could affect Samson’s financial results, are included in the prospectus and prospectus supplement for its recent Rights Offering as well as the Company's report to the U.S. Securities and Exchange Commission on Form 10-K, which are available at www.sec.gov/edgar/searchedgar/webusers.htm.20 January 2017Mr Jeremy NewmanASX Compliance Pty LimitedLevel 40, Central Park152-158 St Georges TerracePERTH WA 6000Dear Mr Newman

PRICE AND VOLUME QUERY

We refer to your letter dated 20 January 2017 in which you have requested a response to the following questions with regards to the increased price and volume of trading in the securities of Samson Oil & Gas Limited

We advise:

  1. Is the Company aware of any information concerning it that has not been announced to the market which, if known by some in the market, could explain the recent trading in its securities?The Company is not aware of any information concerning it that has not been released.
  2. Is there any other explanation that the Company may have for the recent trading in its securities?The Company has no other explanation for the price change in the securities of the Company.
  3. Please confirm that the Company is in compliance with the Listing Rules and, in particular, Listing Rule 3.1.We confirm that the Company is in compliance with the Listing Rules and in particular Listing Rule 3.1.
  4. We confirm that the Company’s responses to the questions above have been authorized and approved by the board and an officer of the Company with delegated authority from the board to respond to ASX on disclosure matters.

Yours faithfully

For and on Behalf of the Board ofSAMSON OIL & GAS LIMITED

DENIS RAKICHDirector and Company Secretary20 January 2017

Mr Denis RakichCompany SecretarySamson Oil and Gas Limited

By email:

Dear Mr Rakich

Samson Oil and Gas Limited (the “Company”): ASX price and volume query

We note the change in the price of the Company’s securities from a closing price of $0.004 on Thursday, 19 January 2017, to an intraday high of $0.006 today, 20 January 2017.

We also note the significant increase in the volume of the Company’s securities traded in the past few trading days.

In light of this, ASX asks the Company to respond separately to each of the following questions and requests for information:

  1. Is the Company aware of any information concerning it that has not been announced to the market which, if known by some in the market, could explain the recent trading in its securities?
  2. If the answer to question 1 is “yes”:a) Is the Company relying on Listing Rule 3.1A not to announce that information under Listing Rule 3.1?Please note that the recent trading in the Company’s securities would suggest to ASX that such information may have ceased to be confidential and therefore the Company may no longer be able to rely on Listing Rule 3.1A. Accordingly, if the answer to this question is “yes”, you need to contact us immediately to discuss the situation.b) Can an announcement be made immediately?Please note, if the answer to this question is “no”, you need to contact us immediately to discuss requesting a trading halt (see below).c) If an announcement cannot be made immediately, why not and when is it expected that an announcement will be made?
  3. If the answer to question 1 is “no”, is there any other explanation that the Company may have for the recent trading in its securities?
  4. Please confirm that the Company is in compliance with the Listing Rules and, in particular, Listing Rule 3.1.
  5. Please confirm that the Company’s responses to the questions above have been authorised and approved in accordance with its published continuous disclosure policy or otherwise by its board or an officer of the Company with delegated authority from the board to respond to ASX on disclosure matters.

When and where to send your response

This request is made under, and in accordance with, Listing Rule 18.7. Your response is required as soon as reasonably possible and, in any event, by not later than 12:30 pm (WST) today, 20 January 2017. If we do not have your response by then, ASX will have no choice but to consider suspending trading in the Company’s securities under Listing Rule 17.3.

You should note that if the information requested by this letter is information required to be given to ASX under Listing Rule 3.1 and it does not fall within the exceptions mentioned in Listing Rule 3.1A, the Company’s obligation is to disclose the information “immediately”. This may require the information to be disclosed before the deadline set out in the previous paragraph.

ASX reserves the right to release a copy of this letter and your response on the ASX Market Announcements Platform under Listing Rule 18.7A. Accordingly, your response should be in a form suitable for release to the market.

Your response should be sent to me by e-mail at jeremy.newman@asx.com.au and tradinghaltsperth@asx.com.au. It should not be sent directly to the ASX Market Announcements Office. This is to allow me to review your response to confirm that it is in a form appropriate for release to the market, before it is published on the ASX Market Announcements Platform.

Listing Rules 3.1 and 3.1A

Listing Rule 3.1 requires a listed entity to give ASX immediately any information concerning it that a reasonable person would expect to have a material effect on the price or value of the entity’s securities. Exceptions to this requirement are set out in Listing Rule 3.1A.

In responding to this letter, you should have regard to the Company’s obligations under Listing Rules 3.1 and 3.1A and also to Guidance Note 8 Continuous Disclosure: Listing Rules 3.1 – 3.1B.

It should be noted that the Company’s obligation to disclose information under Listing Rule 3.1 is not confined to, nor is it necessarily satisfied by, answering the questions set out in this letter.

Trading halt

If you are unable to respond to this letter by the time specified above, or if the answer to question 1 is “yes” and an announcement cannot be made immediately, you should discuss with us whether it is appropriate to request a trading halt in the Company’s securities under Listing Rule 17.1.

If you wish a trading halt, you must tell us:

  • the reasons for the trading halt;
  • how long you want the trading halt to last;
  • the event you expect to happen that will end the trading halt;
  • that you are not aware of any reason why the trading halt should not be granted; and
  • any other information necessary to inform the market about the trading halt, or that we ask for.

We may require the request for a trading halt to be in writing. The trading halt cannot extend past the commencement of normal trading on the second day after the day on which it is granted.

You can find further information about trading halts in Guidance Note 16 Trading Halts & Voluntary Suspensions.

If you have any queries or concerns about any of the above, please contact me immediately.

Yours sincerely

[Sent electronically without signature]

Jeremy NewmanSenior Adviser, ASX Listings Compliance (Perth)

Samson Oil & Gas LimitedTerry Barr, CEO, 303-296-3994 (US office)970-389-5047 (US cell)

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