for the year ended 31 December 2004 Consolidated Santos Ltd 2004 2003 2004 2003 29. Commitments for Expenditure $million $million $million $million The Santos Group has the following commitments for expenditure: (a) Capital commitments Capital expenditure contracted for at balance date for which no amounts  have been provided in the financial statements: Due not later than one year 253.5 237.7 93.9 84.3 Due later than one year but not later than five years 13.4 33.2 8.2 0.2 266.9 270.9 102.1 84.5 Santos Ltd has guaranteed the capital commitments of certain controlled entities  (refer note 31 for further details). (b) Minimum exploration commitments Minimum exploration commitments for which no amounts have been provi ded  in the financial statement or capital commitments: Due not later than one year 42.1 108.2 10.3 36.5 Due later than one year but not later than five years 118.8 207.7 61.2 70.9 Due later than five years 11.6 31.4 – – 172.5 347.3 71.5 107.4 The Santos Group has certain obligations to perform minimum exploration work and expend minimum amounts of money pursuant to the terms of the granting of petr oleum exploration permits in order to maintain rights of tenure. These commitmen ts may be varied as a result of renegotiations of the terms of the exploration permits, li cences or contracts or alternatively upon their relinquishment. The minimum exploration commitments are less than the normal level of exploration expenditures e xpected to be undertaken by Santos Ltd and its controlled entities. (c) Lease commitments Operating leases: Due not later than one year 54.7 39.1 8.4 18.7 Due later than one year but not later than five years 102.9 140.1 21.1 115.1 Due later than five years 0.1 19.0 – 18.9 157.7 198.2 29.5 152.7 30. Superannuation Commitments Santos Ltd and certain controlled entities participate in a number of superann uation funds and pension plans in Australia and the United States of America. From 1 February 2002, three of the more significant employee ben efit plans were combined into a single plan which provides benefits either on a defined benefit or cash accumulation basis for employees or their depend ants on retirement, resignation, temporary or permanent disablement or death. The employers and employee members make contributions as specifi ed in the rules of the plan. In the case of the defined benefit component of the combined plan, employer contributions are based on the advice of the plan’s actuary. The most recent actuarial assessment of the plan was undertaken as at 1 January 2004. The following is a summary of the Santos Superannuation Plan: Type of benefit Defined benefits an cash accumulation Basis of contributions Percentage of member’s salary contributed by member and employer. The employer’s percentage reflects the amount to pr ovide an accumulation and the amount recommended by the actuary to provide the defined ben efit. Last actuarial assessment: Balance date 1 January 2004 Date issued 20 December 2004 Name of valuer and qualifications Kathryn Daniels FIAA Annual Report 2004 82 NOTES TO THE FINANCIAL STA TEMENTS