text: Shares were issued principally on: 22 December 1987; 7 February and 5 December 1989; and 24 December 1990. In 1997 the Board determined 
  that the Plan be discontinued and, accordingly, there has been no further issues of shares under the Plan. 
  
  At the beginning of the financial year there were 231,000 Plan Shares on issue. During the financial year 50,000 Plan Shares were fully paid and 
  aggregate proceeds of $138,200 received by the Company. As at 31 December 2004 there were 181,000 Plan Shares outstanding. 
  
  **(b) Santos Employee Share Acquisition Plan**
  
  The Santos Employee Share Acquisition Plan was approved by shareholders at the Annual General Meeting on 15 May 1997 and its continuation, 
  with amendment, approved at the Annual General Meeting on 5 May 2000. 
  
  Broadly, permanent eligible employees with at least a minimum period of service determined by Directors as at the offer date (one year of completed 
  service for issues so far) are entitled to acquire shares under this Plan. Executives participating in the Santos Executive Share Option Plan (refer 
  note 18(d)) or in the Executive Long Term Incentive Plan in 2004, casual employees and Directors of the Company are excluded from participating in 
  this Plan. Employees are not eligible to participate under the Plan while they are resident overseas unless the Board decides otherwise. 