Annual Report 200466
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 200418. Contributed Equity (continued)
(d) Santos Executive Share Option Plan (continued)
Summary of options over unissued ordinary shares
Consolidated and the Company
2004
Number of Number of options
options at at end of the year Number 
Date first Exercise price beginning Options Options Options Proceeds of shares Fair value
Grant date exercisable Expiry date per share of the year granted lapsed exercised On issue Vested received issued 1 aggregate2
$ $$
15 June 1999 15 June 2002 14 June 2004 5.12 215,000 – – 215,000 – – 1,100,800 215,000 1,420,550
18 April 2000 18 April 2003 17 April 2005 3.92 150,000 – – 100,000 50,000 50,000 392,000 100,000 607,00026 August 2000 26 August 2003 25 August 2010 5.83 3,000,000 – – – 3,000,000 2,000,000–––
6 June 2001 6 June 2004 5 June 2006 6.69 700,000 – 50,000 100,000 550,000 – 669,000 100,000 735,00019 October 2001 19 October 2004 18 October 2006 6.52 925,000 – – 200,000 725,000 725,000 1,304,000 200,000 1,522,00018 June 2002 18 June 2005 17 June 2007 6.20 700,000 – 50,000 100,000 550,000 – 620,000 100,000 739,00012 December 2003 22 December 2004 22 December 2007 6.38 208,314 – – – 208,314 208,314 – – –12 December 2003 12 December 2006 22 December 2008 6.38 100,000 – – – 100,000––––
15 June 2004 15 June 2007 14 June 2009 6.95 – 200,000 – – 200,000 ––––
15 June 2004 1 July 2005 1 July 2008 6.95 – 130,148 – – 130,148 ––––
5,998,314 330,148 100,000 715,000 5,513,462 2,983,314 4,085,800 715,000 5,023,550
1 Shares issued on the exercise of options have occurred at varying dates throughout the financial year.
2 The fair value of shares issued as a result of exercising options during the reporting period has been determined using the ma rket price of the Company’s ordinary shares on the
Australian Stock Exchange as at close of trading on the respective issue dates.
2003
Number of Number of options
options at at end of the year Number 
Date first Exercise price beginning Options Options Options Proceeds of shares Fair value
Grant date exercisable Expiry date per share of the year granted lapsed exercised On issue Vested received issued 1 aggregate2
$ $$
16 June 1998 16 June 2001 15 June 2003 4.84 280,000 – – 280,000 – – 1,355,200 280,000 1,532,500
15 June 1999 15 June 2002 14 June 2004 5.12 685,000 – – 470,000 215,000 215,000 2,406,400 470,000 2,895,85018 April 2000 18 April 2003 17 April 2005 3.92 650,000 – – 500,000 150,000 150,000 1,960,000 500,000 2,920,50026 August 2000 26 August 2003 25 August 2010 5.83 3,000,000––– 3,000,000 1,000,00 0–––
6 June 2001 6 June 2004 5 June 2006 6.69 700,00 0––– 700,000––––
19 October 2001 19 October 2004 18 October 2006 6.52 1,075,000 – 150,000 – 925,00 0––––
18 June 2002 18 June 2005 17 June 2007 6.20 750,000 – 50,000 – 700,00 0––––
12 December 2003 22 December 2004 22 December 2007 6.38 – 208,314 – – 208,31 4––––
12 December 2003 12 December 2006 22 December 2008 6.38 – 100,000 – – 100,00 0––––
7,140,000 308,314 200,000 1,250,000 5,998,314 1,365,000 5,721,600 1,250,000 7,348,850
1 Shares issued on the exercise of options have occurred at varying dates throughout the 2003 financial year.
2 The fair value of shares issued as a result of exercising options during the 2003 financial year has been determined using the  market price of the Company’s ordinary shares on the
Australian Stock Exchange as at close of trading on the respective issue dates.
SAN165 WWW Fins  30/3/05  11:55 AM  Page 66