Avner Oil - Annual Report 2011 - Delek Energy Systems

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Avner Oil Explorations – Limited PartnershipStatements of Changes in Partnership EquityPartnershipCapitalRetainedEarnings$ ThousandsTotalBalance, January 1, 2009 1661,1 16136 616356Changes during 2009:Net comprehensive income - 536313 536313Balance, December 31, 2009 1661,1 116111 25161,1Changes during 2010:Net comprehensive income - 166311 166311Profits distributed * - ) 231()231(Balance, December 31, 2010 1661,1 62631, 2126,1,Changes during 2011:Net comprehensive income - ,36126 ,36126Profits distributed * - ) 12, ( )12,(Balance, December 31, 2011 1661,1 2366216 1166116* See note 13 C.The accompanying notes are an integral part of the financial statements.- 6 -
Avner Oil Explorations – Limited PartnershipStatements Of Cash FlowsFor the Year Ended December 31,1122 1121 1116$ ThousandsCash Flows From Operating Activities:Net income ,36126 166311 536313Adjustments to present cash flows from operating activities:Adjustment to profit and loss items:Depreciation and amortization 526321 216111 216111Impairment in value – investments in oil and gas properties - 16111 -Updated other noncurrent liabilities 1,1 133 115Increase in value – marketable securities, at fair value, through profitand loss ) 256() 11()213(Exchange rate differences - profits available for distribution,declared ) 2, (- )111(Capital gain – disposals of property, plant and equipment assets - - )2(Change in fair value of financial derivatives 21 113 1,,Changes In Asset And Liability Items:526115 236161 2563,2Increase in trade receivables ) 16312(),13()151(Increase in other receivables ) 36133() 26,,1()533(Decrease (increase) in inventory , 23 )3(Increase in other payables 256121 26,21 26313163,1 ),31(653Net cash provided by operating activities 2116151 ,,6211 316112Cash Flows From Investing Activities:Purchase of marketable securities, at fair value through profit andloss ) 111() 26111()3,6(Investments in oil and gas properties ) 1366512() 3162,2()136112(Decrease (increase) - bank deposits (noncurrent and current) ) 115() 66,12(116135Investments in property, plant and equipment assets ) 2() 2()5(Proceeds from disposals of marketable securities, at fair valuethrough profit and loss ,6,51 661 625Cash flows from settlement of financial derivatives ) 16131() 26111()26631(Proceeds from disposals of property, plant and equipment assets - - ,Decrease (increase) in other receivables – operator of joint ventures ) 21631, ( ) 2,611, ( 16351Net cash used for investing activities ) 1316115() 2126,53()236155(The accompanying notes are an integral part of the financial statements.- 7 -
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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
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(E)financing agreement; purchase of
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(C)Tamar financing agreementFinanci
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As set out above, under licenses an
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(C) Petroleum Regulations (Principl
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The gas facilities that the license
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(2) Without derogating from the gen
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B. The operator of an offshore righ
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subsection (4) below exist (conditi
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Furthermore, the draft regulations
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(D)(E)(F)(G)(H)(I)(J)months after c
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(N)(O)(9) If a revised assessment i
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# Assumption Details and explanatio
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7.24 AntitrustOn October 12, 2000,
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(C)For expenses associated with dev
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(F)(G)(H)committee of the joint ven
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(L)(M)(N)(O)accumulated according t
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(D)(E)Subject to the terms of the o
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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
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Page 249 and 250: Untimely Meditationshad only you, t
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AVNER OIL EXPLORATION (LIMITED PART
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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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