text: **256.9** **227.9**
  
  Drawdowns under the term loans are dependent upon expenditure for specific projects. 
  
  Term loans bear interest at the relevant interbank reference rate plus a margin of up to 0.75%. The amount drawn at 31 December 2004 
  is US$177.5 million (A$227.9 million) at a weighted average annual effective interest rate of 2.70%. 
  
  **(b) Commercial paper**
  
  The Santos Group has an A$800.0 million (2003: A$800.0 million) Australian commercial paper program supported by the revolving facilities 
  referred to in (a) above. At 31 December 2004, A$209.0 million (2003: A$110.0 million) of commercial paper is on issue and the weighted 
  average annual effective interest rate is 5.61% (2003: 5.50%). 