The positions of the epicentres of the recently discovered, high-frequency teleseismic (h.f.t.), shallow moonquakes have been compared with those of the surface phenomena known as lunar transient phenomena (l.t.p.). About 300 sites for the latter and about 17 shallow moonquake epicentres have been recorded. Most of the epicentres are within 5 degrees of at least one l.t.p. site and the depths are given by Nakamura et al. (1974) as up to 265 km. The present paper considers some of the implications of the correlations between the two classes of sites and between the l.t.p. and the epicentres of the deep moonquakes at levels of about 800-1000 km below the surface. It appears likely that channels produced by the outrush of gases from the interior of the Moon are associated with the sites of the h.f.t. and of the l.t.p. that are almost vertically above them, and that release of gases through poorly consolidated soils at an early stage of the Moon's history may have led to the formation of at least some of the craters on the Moon.