Avner Oil - Annual Report 2011 - Delek Energy Systems

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process for transferring the rights in Block 12 and non-completion could affect the Partnership'srights in Block 12 in Cyprus.Migrating reservoirs: It is possible that oil or natural gas reservoirs that are discovered or will be discoveredin the areas in which the Limited Partnership has rights will migrate (in terms of the geologicalformation and size of the reservoir) into other areas where the Partnership has no rights, and viceversa. If gas migrates to areas in which others have rights, negotiations could be required for anagreement on joint exploitation and production from the reservoir, to achieve maximum efficiency ofthe oil or natural gas reserves. 201Security risk: The production platform of the Yam Tethys project is located relatively close to the maritimeborder between Israel and Gaza, therefore it is exposed to security risks, including acts of terror.The permanent receiving terminal in Ashdod is exposed to security risks including acts of terror.Fluctuations in the dollar exchange rate: The Limited Partnership is exposed to fluctuations in the dollarexchange rate. The revenues of the Limited Partnership according to agreements for the sale ofnatural gas are in US dollars. However, a small portion of the Limited Partnership's expenses isdenominated in Israeli shekel, therefore an increase the shekel rate against the dollar rateincreases the rate of these expenses in dollars.Belonging of the Partnership to Delek Group and the controlling shareholder, Yitzhak Tshuva: ThePartnership belongs to Delek Group and the controlling shareholder, Yitzhak Tshuva, which couldaffect the Partnership’s ability to raise credit, inter alia, due to the single borrower limitation, whichcould limit the Partnership's sources of bank credit in Israel, and other regulatory limitationsimposed on the banks and institutions by the Ministry of Finance and the Bank of Israel.201To the best of the Partnership's knowledge, according to the coordinates recently submitted by the Government ofLebanon to the United Nations, the Israel-Lebanon maritime border is south of the border determined by the State ofIsrael and south of the border point previously agreed upon between Lebanon and Cyprus. However, to the best ofthe Partnership's knowledge, the maritime border claimed by Lebanon is substantially the same as the northern lineof the northern licenses granted to the Partnership (Alon D and Alon F).A-193
The table below presents a summary of risk factors by type (macro risks, sector-specific risks andcompany-specific risks), according to the estimates of the Partnership based on the degree of theireffect on the partners: major, moderate or minor effect.Macro risksImpact of risk factors on the Partnership’sbusinessMajor Moderate MinorDependence on global oil pricesXSector risksCompetition for gas supplyMarket size compared with size of reservoirsUncertainty regarding construction of the national gaspipelineInsuranceOperational risksDependence on contractorsXXXXXXExploration risksXEstimated schedules and costsField development on discoveryDependence on permits from external entitiesXXXRegulatory changesXDependence on weather and sea conditionsXRisks specific to the PartnershipTax risksFinancing liabilitiesDependence on primary customerXXXDependence on the operatorXArrears in payments for joint operationsMinority decisive vote:Shortage of production and development resourcesand participation in operationInclusion of additional participants and dilution of thePartnership's shareCancellation or expiration of oil rights and assetsMigrating reservoirsXXXXXXSecurity riskXFluctuations in the dollar exchange rateXBelonging of the Partnership to Delek Group and thecontrolling shareholder, Yitzhak TshuvaXA-194
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All English versions / translation
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2.5 Map of the Limited Partnership'
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351/Hannah, 352/David and 353/Eran
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Law), which sets out provisions for
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(D)(E)(F)(G)(H)(I)(J)(K)(L)(M)Exami
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The Natural Gas Sector Law and its
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Description of the Partnership's oi
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The main terms of the leases in the
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Noa leasePeriodSummary of the opera
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7.3.7 Calculation of the effective
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the oil asset (before other payment
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DescriptionBudget actually invested
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have not been brought before the co
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Salesquantity(BCM)(100% of theoil a
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Salesquantity(BCM)(100% of theoil a
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(4) Production dataThe following ta
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on the project level and the Partne
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Sensitivity analysis for the main p
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(3) Basic parameters used to calcul
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7.4 Tamar project7.4.1 GeneralTamar
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7.4.2 Main terms of the I/12 Tamar
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(C)If the Commissioner postpones or
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(F)(G)(H)(I)(J)(K)(1) The leasehold
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7.4.5 Actual work plan and intended
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PeriodDalit leaseSummary of the ope
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Dalit leaseParticipation rate %Perc
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DescriptionEffective share attribut
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7.4.9 Royalties and payments paid d
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expenses which can be directly attr
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Total discounted cash flow from pro
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Total discounted cash flow from pro
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Total discounted cash flow from pos
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Sensitivity/categoryTotalPresentval
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Contingent resources in the Dalit l
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ParameterPorosity (decimal)Lowestim
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7.5 Ratio Yam licenses7.5.1 General
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The following are the planned activ
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PeriodEran licenseDescription of th
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PeriodAmit licenseSummary of the op
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Hannah licensePeriodSummary of the
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PeriodEran licenseSummary of the op
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7.5.7 Calculation of the effective
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(B)(C)(D)(E)B. A statistical progra
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7.5.10 Prospective resources in the
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ParameterLower-Oligocene(%)Mid-Cret
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(D)(E)(F)(G)(4) The contingent reso
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7.5.12 Prospective resources in the
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PeriodDescription of the updated wo
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Description%Summary of the calculat
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7.7.3 Binding work plan according t
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7.7.5 Disclosure of the effective p
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General information about the Partn
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PeriodDescription of the updated wo
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Description %Summary of the calcula
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7.8.10 Royalties and payments paid
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(B)(C)The report was based on the r
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7.9 Petroleum licenses that were re
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7.10 Products and servicesDuring th
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7.11.3 Agreements to sell natural g
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At the signing date of the letter o
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(G)addition, Yam Tethys partners ha
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(B)(13) Breach and damages: Accordi
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(D)Agreement to sell natural gas to
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(4) The gas price stipulated in the
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energy market is characterized by h
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7.20 Financing7.20.1 General(A)(B)(
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The dollar-denominated loan bears a
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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
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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 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
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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
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AVNER OIL EXPLORATION (LIMITED PART
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Untimely Meditationshad only you, t
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Regulation 10A: Summary of the Part
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Regulation 12:Regulation 13:Regulat
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C. Interested parties in the Partne
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Regulation 24:will not be able to d
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Regulation 24B: Holders of the Part
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10. Occupation in the past five yea
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9. Education: LLB, Tel Aviv Univers
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Ronen Edward (ID 024652745)1. Date
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executive liability insurance, base
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Avner Oil Exploration - Limited Par
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Declaration of the CFO based on Reg
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Avner Oil - Annual Report 2011 - Delek Energy Systems

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