Santos adjusts unquoted share rights after employee incentives and lapses

Santos Limited (ASX:STO) announced on October 3, 2025, an update to its unquoted equity securities, specifically regarding share acquisition rights. The company issued 2,165,467 new share acquisition rights between July 15, 2025, and August 11, 2025, as part of an employee incentive scheme. These new securities will rank equally with existing unquoted share acquisition rights and were issued without security holder approval, utilizing the entity's 15% placement capacity.

Concurrently, Santos also reported the cessation of 317,237 share acquisition rights on July 11, 2025. These rights lapsed because their conditional terms were not met or became incapable of being satisfied. No consideration was paid by the entity for their cessation.

After accounting for both the issuance and cessation events, the total number of unquoted share acquisition rights is 17,953,119. The total number of fully paid ordinary shares (ASX:STO) remains unchanged at 3,247,772,961. Information regarding the employee share-based payment plans is detailed in section 7 of Santos’ 2024 annual report.