Avner Oil - Annual Report 2011 - Delek Energy Systems

More documents

Recommendations

Info

7.10 Products and servicesDuring the reporting period the Partnership supplied natural gas from the Mari B reservoir to thecustomers specified in section ‎7.11.3 below.Furthermore, during the first quarter of 2012, the Partnership engaged in several agreements forthe supply of natural gas from the Tamar reservoir, which is expected to begin commercialproduction during the first half of 2013.As of the date of the report, the Partnership is under negotiations to sell natural gas to additionalcustomers.See section ‎7.11 below for further information about the sale of the assets.If gas or oil is found in the exploration operations of the Limited Partnership, the LimitedPartnership will take steps to sell the quantities found.7.11 Trade receivables7.11.1 GeneralAt the publication date of the Periodic Report, the Limited Partnership (together with other partnersin the Yam Tethys project) has signed contracts to provide natural gas (IEC, Paz RefineriesAshdod, Hadera Paper and Delek Ashkelon, as well as the ICL group) totaling about 30.1 BCM. Inaddition, in 2011, the Yam Tethys project partners supplied natural gas to other customers on anoccasional basis, mainly to Nesher Commerce (Cement Marketing) Ltd. and Makhteshim AganIndustries Ltd. At December 31, 2009, 21.93 BCM were supplied. Revenues of the Partnershipfrom IEC accounted for 79% of revenues in 2011, 87% of revenues in 2010 and 91% of revenuesin 2009.The Partnership is dependent on IEC, since cancellation or termination of the contract with IECwould materially impact the Partnership’s operations and profitability. For further information aboutthe Partnership's agreements with IEC see sections ‎7.11.3(A) (B) and ‎7.11.4(A) below.Furthermore, during the first quarter of 2012, the Partnership engaged in several agreements forthe supply of natural gas (with the IEC, Dalia Power Energies Ltd. ("Dalia"), Ramat Negev EnergyLtd. ("Negev Energy"), Ashdod Energy Ltd. ("Ashdod Energy"), Hadera Paper and MashavInitiating and Development Ltd. ("Mashav") from the Tamar reservoir, which is expected to begincommercial production during the first half of 2013, to a total volume of 133 BCM.Other potential customers of the Partnership in Israel are significant industrial customers andprivate power stations. In the event of export of gas (whether by pipeline or as LNG), thePartnership's customers could include consumers in target markets and/or gas marketingcompanies that purchase the gas in gas or liquid (LNG) form.7.11.2 Natural gas supply agreementsBelow is a breakdown of the long term agreements for sale of natural gas in which the Partnershiphas engaged 148 :148For further information about these agreements see below.A-121
Customer name Date signed Agreement expiry dateAgreements to sell natural gas fromthe Yam Tethys projectIEC June 25, 2002 July 1, 2014 (or until the total contractedvolume has been supplied)IEC (Memorandum ofUnderstanding)Maximum amountto be suppliedunder theagreement (BCM)Amount (BCM)supplied as ofDecember 31,201118 15.81 USD 1.5 billionJuly 2, 2009 December 31, 2014 5 3.54 USD 1 billionPaz Refinery Ashdod 3.9.2004 November 28, 2015 (or until the totalcontracted volume has been supplied)1.3 0.66 USD 120 millionDelek Ashkelon 1.7.2005 1.7.2022 2 0.51 USD 160 millionHadera Paper July 29, 2005 June 30, 2011 0.4 0.29 USD 40 millionHadera Paper (further agreement) May 15, 2011 June 30, 2013 with the right to extend untilconsumption of the total contracted volumeICL Group March 25, 2008 September 1, 2014 with the right to extenduntil consumption of the total contractedvolumeORL May 20, 2011 August 31, 2013 with the right to extenduntil consumption of the total contractedvolumeAgreements to sell natural gas fromthe Tamar project0.2 0.04 USD 63 millionFinancial scope of theagreement (as estimated ondate signed, 100%)2 0.4 USD 260 - 330 million1.2 0.26 USD 350 millionDalia January 8, 2012 As set out in section ‎7.11.3(C) below 23.28 - USD 5 billionNegev Energy January 9, 2012 As set out in section ‎7.11.3(D) below 3.7 - USD 800 millionAshdod Energy January 9, 2012 As set out in section ‎7.11.3(E) below 1.95 - USD 400 millionHadera Paper (additionalagreement)January 25, 2012 As set out in section ‎7.11.3(B) below 3.3 - USD 750 millionMashav February 9, 2012 As set out in section ‎7.11.3(F) below 2.31 - USD 680 millionIEC March 14, 2012 As set out in section ‎7.11.3(A) below 78 to 99 - USD 14-23 billion
Page 4:
All English versions / translation
Page 7 and 8:
2.5 Map of the Limited Partnership'
Page 9 and 10:
351/Hannah, 352/David and 353/Eran
Page 11 and 12:
Law), which sets out provisions for
Page 13 and 14:
(D)(E)(F)(G)(H)(I)(J)(K)(L)(M)Exami
Page 15 and 16:
The Natural Gas Sector Law and its
Page 17 and 18:
Description of the Partnership's oi
Page 19 and 20:
The main terms of the leases in the
Page 21 and 22:
Noa leasePeriodSummary of the opera
Page 23 and 24:
7.3.7 Calculation of the effective
Page 25 and 26:
the oil asset (before other payment
Page 27 and 28:
DescriptionBudget actually invested
Page 29 and 30:
have not been brought before the co
Page 31 and 32:
Salesquantity(BCM)(100% of theoil a
Page 33 and 34:
Salesquantity(BCM)(100% of theoil a
Page 35 and 36:
(4) Production dataThe following ta
Page 37 and 38:
on the project level and the Partne
Page 39 and 40:
Sensitivity analysis for the main p
Page 42 and 43:
(3) Basic parameters used to calcul
Page 44 and 45:
7.4 Tamar project7.4.1 GeneralTamar
Page 46 and 47:
7.4.2 Main terms of the I/12 Tamar
Page 48 and 49:
(C)If the Commissioner postpones or
Page 50 and 51:
(F)(G)(H)(I)(J)(K)(1) The leasehold
Page 52 and 53:
7.4.5 Actual work plan and intended
Page 54 and 55:
PeriodDalit leaseSummary of the ope
Page 56 and 57:
Dalit leaseParticipation rate %Perc
Page 58 and 59:
DescriptionEffective share attribut
Page 60 and 61:
7.4.9 Royalties and payments paid d
Page 62 and 63:
expenses which can be directly attr
Page 64 and 65:
Total discounted cash flow from pro
Page 66 and 67:
Total discounted cash flow from pro
Page 68 and 69:
Total discounted cash flow from pos
Page 70 and 71:
Sensitivity/categoryTotalPresentval
Page 72 and 73:
Contingent resources in the Dalit l
Page 74 and 75: ParameterPorosity (decimal)Lowestim
Page 76 and 77: 7.5 Ratio Yam licenses7.5.1 General
Page 78 and 79: The following are the planned activ
Page 80 and 81: PeriodEran licenseDescription of th
Page 82 and 83: PeriodAmit licenseSummary of the op
Page 84 and 85: Hannah licensePeriodSummary of the
Page 86 and 87: PeriodEran licenseSummary of the op
Page 88 and 89: 7.5.7 Calculation of the effective
Page 90 and 91: (B)(C)(D)(E)B. A statistical progra
Page 92 and 93: 7.5.10 Prospective resources in the
Page 94 and 95: ParameterLower-Oligocene(%)Mid-Cret
Page 96 and 97: (D)(E)(F)(G)(4) The contingent reso
Page 98 and 99: 7.5.12 Prospective resources in the
Page 100 and 101: PeriodDescription of the updated wo
Page 102 and 103: Description%Summary of the calculat
Page 104 and 105: 7.6.8 Royalties and payments paid d
Page 106 and 107: 7.7.3 Binding work plan according t
Page 108 and 109: 7.7.5 Disclosure of the effective p
Page 110 and 111: 7.7.8 Royalties and payments paid d
Page 112 and 113: General information about the Partn
Page 114 and 115: PeriodDescription of the updated wo
Page 116 and 117: Description %Summary of the calcula
Page 118 and 119: 7.8.10 Royalties and payments paid
Page 120 and 121: (B)(C)The report was based on the r
Page 122 and 123: 7.9 Petroleum licenses that were re
Page 126 and 127: 7.11.3 Agreements to sell natural g
Page 128 and 129: At the signing date of the letter o
Page 130 and 131: (G)addition, Yam Tethys partners ha
Page 132 and 133: (B)(13) Breach and damages: Accordi
Page 134 and 135: (D)Agreement to sell natural gas to
Page 136 and 137: (4) The gas price stipulated in the
Page 138 and 139: energy market is characterized by h
Page 140 and 141: 7.20 Financing7.20.1 General(A)(B)(
Page 142 and 143: The dollar-denominated loan bears a
Page 144 and 145: tests 157 ; compliance with the res
Page 146 and 147: (E)financing agreement; purchase of
Page 148 and 149: (C)Tamar financing agreementFinanci
Page 150 and 151: As set out above, under licenses an
Page 152 and 153: (C) Petroleum Regulations (Principl
Page 154 and 155: The gas facilities that the license
Page 156 and 157: (2) Without derogating from the gen
Page 158 and 159: B. The operator of an offshore righ
Page 160 and 161: subsection (4) below exist (conditi
Page 162 and 163: Furthermore, the draft regulations
Page 164 and 165: (D)(E)(F)(G)(H)(I)(J)months after c
Page 166 and 167: (N)(O)(9) If a revised assessment i
Page 168 and 169: # Assumption Details and explanatio
Page 170 and 171: 7.24 AntitrustOn October 12, 2000,
Page 172 and 173: (C)For expenses associated with dev
Page 174 and 175:
(F)(G)(H)committee of the joint ven
Page 176 and 177:
(L)(M)(N)(O)accumulated according t
Page 178 and 179:
(D)(E)Subject to the terms of the o
Page 180 and 181:
(I)(J)committee meetings, and will
Page 182 and 183:
obtaining Cypriot government approv
Page 184 and 185:
(5) It is noted that under Regulati
Page 186 and 187:
Contingent agreements for the sale
Page 188 and 189:
had not yet been received, although
Page 190 and 191:
Liquefaction (LNG) The Partnership
Page 192 and 193:
7.30 Risk factorsOil and gas explor
Page 194 and 195:
in deviations in the budget (expect
Page 196 and 197:
process for transferring the rights
Page 198 and 199:
GlossaryAppraisal well: a drilling
Page 201 and 202:
Avner Oil Exploration Limited Partn
Page 203 and 204:
The effects of the increase in sale
Page 205 and 206:
USD 6.5 million, as noted above. In
Page 207 and 208:
investment in development of the Ta
Page 209 and 210:
marine areas on the Cyprus continen
Page 211 and 212:
Part II: Market Risks - Exposure an
Page 213 and 214:
As collateral for the Partnership's
Page 215 and 216:
3. Independent directorsThe Compani
Page 217 and 218:
5. External auditors' feesThe amoun
Page 219 and 220:
4) Accepting a financial liability
Page 221 and 222:
Project cash flow (in USD millions)
Page 224 and 225:
AVNER OIL EXPLORATION (LIMITED PART
Page 226 and 227:
Auditors' Report to the Partners of
Page 228 and 229:
Avner Oil Explorations - Limited Pa
Page 230 and 231:
Page 232 and 233:
Page 234 and 235:
Page 236 and 237:
Page 238 and 239:
Page 240 and 241:
Page 242 and 243:
Page 244 and 245:
Page 246:
Page 249 and 250:
Untimely Meditationshad only you, t
Page 252 and 253:
Page 254 and 255:
Page 256 and 257:
Page 258 and 259:
Page 260 and 261:
Page 262 and 263:
Page 264 and 265:
Page 266 and 267:
Page 268 and 269:
Page 270 and 271:
Page 272 and 273:
Page 274 and 275:
Page 276 and 277:
Page 278 and 279:
Page 280 and 281:
Page 282 and 283:
Page 284 and 285:
Page 286 and 287:
Page 288 and 289:
Page 290 and 291:
Page 292 and 293:
Page 294 and 295:
Page 296 and 297:
Page 298 and 299:
Page 300 and 301:
Page 302 and 303:
Page 304 and 305:
Page 306:
Page 309 and 310:
Regulation 10A: Summary of the Part
Page 311 and 312:
Regulation 12:Regulation 13:Regulat
Page 313 and 314:
C. Interested parties in the Partne
Page 315 and 316:
Regulation 24:will not be able to d
Page 317 and 318:
Regulation 24B: Holders of the Part
Page 319 and 320:
10. Occupation in the past five yea
Page 321 and 322:
9. Education: LLB, Tel Aviv Univers
Page 323 and 324:
Ronen Edward (ID 024652745)1. Date
Page 325:
executive liability insurance, base
Page 328 and 329:
Avner Oil Exploration - Limited Par
Page 330:
Declaration of the CFO based on Reg
show all

Avner Oil - Annual Report 2011 - Delek Energy Systems

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?