There is more oxygen in the air than in water, so a fish out of water is hyperventilating. It is not grasping for air.
A drop of oil on the outer gill, leaving the rest of the gills not coated, may prevent the fish from dying too soon. Other than oil, other options such as starch of liquid consistency, agar-agar with pineapple juice (that prevents the agar-agar from setting) can be experimented with. The point is to cover the gills and prevent hyperventilation.
Good night...z.z.z