Annual Report 2004 83
30. Superannuation Commitments (continued)
The Santos Superannuation Plan has employee accrued benefits and assets as disclosed in the most recent financial report of the plan, as follows:
As at
31 December 2003
$million
Net market value of assets 195.8
Less present value of employees’ accrued benefits as determined 
by actuarial assessment as at 1 January 2004 (194.8)
Excess 1.0
At 31 December 2004 the vested benefits, or the benefits payable in the event of the termination of employment of each plan member, were
$198.2 million (2003: $198.8 million) and the net market value of assets was $202.0 million (2003: $194.2 million).
Consolidated Santos Ltd
2004 2003 2004 2003
31. Contingent Liabilities $million $million $million $million
Santos Ltd and its controlled entities have the following contingent liabilities 
arising in respect of:
Performance guarantees 9.8 9.6 6.3 6.5
Claims and litigation 8.1 11.0 2.3 2.3
17.9 20.6 8.6 8.8
Legal advice in relation to the claims and litigation referred to above indicates that on the basis of available information, liability in respect of these
claims is unlikely to exceed $1.0 million on a consolidated basis.
A number of the Australian interests of the Santos Group are located within areas the subject of one or more claims or applications for native title
determination. Whatever the outcome of those claims or applications, it is not believed that they will significantly impact the Santos Group’s asset
base. The decision of the High Court of Australia in the “Wik” case has the potential to introduce delay in the grant of mineral and petroleum
tenements and consequently to impact generally the timing of exploration, development and production operations. An assessment of the impact
upon the timing of particular operations may require consideration and determination of complex legal and factual issues.
Guarantees provided by Santos Ltd for borrowings in respect of controlled entities are disclosed in note 15.
Santos Ltd has provided parent company guarantees in respect of:
(a) the funding obligations of its subsidiary companies, Santos Timor Sea Pipeline Pty Ltd and Santos Darwin LNG Pty Ltd, relating to the
construction of a pipeline from the Bayu-Undan Field to Wickham Point in Darwin and the construction of the LNG Plant in Darwin respectively,
and has provided a funding commitment letter to these subsidiary companies together with Santos (JPDA 91-12) Pty Ltd. As at 31 December
2004 the expenditure commitments of Santos Timor Sea Pipeline Pty Ltd and Santos Darwin LNG Pty Ltd for the above mentioned projects
totalled US$41.3 million (2003: US$107.6 million);
(b) payment of Santos Egypt Ltd’s financial obligations under a farmout agreement and certain concessions in the Gulf of Suez in the Arab Republic
of Egypt up to a maximum of US$46.9 million.
SAN165 WWW Fins  30/3/05  11:55 AM  Page 83