text: **18. Contributed Equity (continued)**
  
  **(c) Santos Employee Share Purchase Plan (continued)**
  
  ***Senior Executive Long Term Incentive***
  
  In addition, during the year, selected senior executives of the Company were invited to apply for shares pursuant to the terms of the Santos 
  Employee Share Purchase Plan as part of the Company’s long term incentive arrangements (and on different terms from the general employee 
  participation described above). On 27 January 2004 and 1 July 2004, 3,397 and 87,851 (2003: 129,664) shares respectively were allotted to 
  a trustee to hold for senior executives. 
  
  The shares allocated pursuant to the Plan were allotted to a trustee at no cost to participants, to be held on their behalf. The allocation price 
  is Market Value (as defined above) and the trustee was funded by the Company to subscribe for the shares. 
  
  In general the shares are restricted for a period of one year from the date of allotment. If an executive allotted such shares ceased employment 
  during this period, the Board in its discretion may determine that a lesser restriction on transfer and dealing applies, having regard to the 
  circumstances of the cessation. The shares can remain on trust for up to four years, during which time the shares are subject to forfeiture if 
  participants act fraudulently or dishonestly or in breach of their obligations to any Group Company. Participants are entitled to instruct the 
  trustee as to the exercise of voting rights, receive dividends and participate in bonus and rights issues while the shares are restricted. 