Avner Oil - Annual Report 2011 - Delek Energy Systems

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AVNER OIL EXPLORATION (LIMITED PARTNERSHIP)NOTES TO THE FINANCIAL STATEMENTSNote 23 - Interested Parties, Related Parties, and Controlling Owners Holders - Transactions and Balances (Continued):B. Transactions with Interested and Related Parties:1. For The Year Ended December 31, 2011:NoteCompanieswithSignificantInfluence onthePartnershipUS $ ThousandsOtherInterestedPartiesGas sales 15 - 2,804Royalties 16 4,529 -Management fees - general partner 20 6,284 -Professional services 5 -Commissions- guarantee to the Delek Group 21 122 -Net expense refunds 193 -2. For The Year Ended December 31, 2010:NoteCompanieswithSignificantInfluence onthePartnershipUS $ ThousandsOtherInterestedPartiesGas sales 14 - 3,041Royalties 15 2,915 -Management fees - general partner 19 2,034 -Professional services 18 -Commissions- guarantee to the Delek Group 20 82 -2. For The Year Ended December 31, 2009:NoteCompanieswithSignificantInfluence onthe PartnershipUS $ ThousandsOtherInterestedPartiesGas sales 14 - 2,922Royalties 15 2,332 -Management fees - general partner 19 2,595 -Rentals and expense refunds 13 -Professional services 20 -C. See notes 12 A, 12 C, 12 G, 12 H, 12 I, and 12 M 1 C on undertakings with interested parties.D. The general partner has an interest in a joint operating agreement that was signed between the "Yam Tethys" jointventure and the "Tzuk Tamrur" joint venture, as noted in notes 12 G and 12 H.-11-
AVNER OIL EXPLORATION (LIMITED PARTNERSHIP)NOTES TO THE FINANCIAL STATEMENTSNote 23 - Interested Parties, Related Parties, and Controlling Ownership Holders - Transactions and Balances(Continued):E. Company Policy in Respect of Negligible Transactions:On August 5, 2008, an Amendment to Securities Regulations (Periodic and Immediate Reports), 5730-1970, ("reportingregulations"), came into effect. The Amendment expanded some of the reporting requirements required of publiccompanies that report on transactions with controlling ownership holders, or transactions with other parties in which thecontrolling ownership holder has a personal interest ("controlling ownership holder transactions"), and transactionswhich are not exceptional transactions, as defined by Companies Law, except for transactions which have beenclassified as negligible transactions in the most recent financial statements.On March 11, 2009, the general partner's board of directors decided to adopt guiding principles for classifying atransaction as negligible, as stated in the reporting regulations, in respect of transactions with an interested partyreported in the financial statements, and in respect of transactions with controlling ownership holders.On March 27, 2011 the general partner's board of directors updated its guidelines for considering a transactionnegligible.The general partner's board of directors decided that a transaction would be considered immaterial if all of the followingconditions would exist:1. It is not an exceptional transaction (as this term is defined by Companies Law).2. In respect of a transaction that is subject to negligibility tests, all relevant threshold criteria will be considered beforeany event noted below transpires, and if each relevant threshold criteria for the transaction is less than 0.8%, or equal to$ 500 thousand, the lower of the two, the transaction will be considered negligible:A. Purchase/sale of property, plant and equipment assets – the volume of assets involved in a transaction, divided bytotal assets according to the latest reviewed, or audited financial statements, as relevant.B. Sale of goods or services - volume of revenue involved in a transaction, divided by total annual revenue, calculatedon the basis of the last four quarters, according to the latest reviewed, or audited financial statements.C. Purchase of goods or services - volume of expenses involved in a transaction, divided by the relevant annualoperating expenses, calculated on the basis of the last four quarters, according to the latest reviewed, or auditedfinancial statements.D. Acceptance of a financial liability – a liability involved in a transaction, divided by total liabilities, according to thelatest reviewed, or audited financial statements, as relevant.E. Insurance transactions – the premium payable will be considered as the transaction amount, as opposed to theinsurance coverage provided.3. If, at the discretion of the general partner, not all said criteria are relevant for the transaction being considered, thegeneral partner may determine other criteria, so long as the relevant transaction criteria threshold, will be less than0.8%, or equal to $ 500 thousand, the lower of the two.4. The transaction is considered negligible also from the standpoint of quality.5. When considering the negligibility of any transaction, which is expected in the future, the likelihood of its realizationmust also be considered.6. For the purpose of any immediate report, the immateriality of each transaction will be considered separately.-11-
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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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(I)(J)committee meetings, and will
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obtaining Cypriot government approv
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(5) It is noted that under Regulati
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Contingent agreements for the sale
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had not yet been received, although
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Liquefaction (LNG) The Partnership
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7.30 Risk factorsOil and gas explor
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in deviations in the budget (expect
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process for transferring the rights
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GlossaryAppraisal well: a drilling
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Avner Oil Exploration Limited Partn
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The effects of the increase in sale
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USD 6.5 million, as noted above. In
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investment in development of the Ta
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marine areas on the Cyprus continen
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Part II: Market Risks - Exposure an
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As collateral for the Partnership's
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3. Independent directorsThe Compani
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5. External auditors' feesThe amoun
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4) Accepting a financial liability
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Project cash flow (in USD millions)
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AVNER OIL EXPLORATION (LIMITED PART
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Auditors' Report to the Partners of
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Avner Oil Explorations - Limited Pa
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Page 249 and 250: Untimely Meditationshad only you, t
Page 252 and 253: AVNER OIL EXPLORATION (LIMITED PART
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Page 309 and 310: Regulation 10A: Summary of the Part
Page 311 and 312: Regulation 12:Regulation 13:Regulat
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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
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Avner Oil - Annual Report 2011 - Delek Energy Systems

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