Avner Oil - Annual Report 2011 - Delek Energy Systems

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All English versions / translation are given only for the convenience of the reader. The only official information is thatwhich is included in the formally Hebrew constitutional documents of the entity as well as in formally Hebrew publishedimmediate and financial reports of the entity and other reports made by the entity to the Israeli Securities Authority andthe Tel Aviv Stock Exchange. In the event of any conflict between translated constitutional documents and/or immediateand/ or financial and/ or business information given and the formally Hebrew published financial reports, the formallyHebrew published one shall prevail.Avner Oil Exploration - Limited PartnershipChapter DAdditional Information on the CorporationYear ended December 31, 2011D-1
Regulation 10A: Summary of the Partnership's statements of comprehensive income (and loss) foreach of the quarters of 2011 and for the entire year (in USD thousands)RevenuesQ1 Q2 Q3 Q4 AnnualRevenues from the sale of gas 29,354 42,487 60,363 34,046 166,250Less royalties 4,931 7,234 10,221 5,526 27,912Net revenues 24,423 35,253 50,142 28,520 138,338Expenses and costsProduction cost for gas sold 1,760 1,992 1,912 2,226 7,890Oil and gas exploration expenses and otherdirect expensesDepreciation, depletion and amortizationcosts1,069 12,643 522 3,217 11,0174,909 6,285 11,425 7,163 29,782General and administrative expenses 2,497 1,464 1,106 2,950 8,017Total expenses 10,235 22,384 14,965 9,122 56,706Profit from regular operations 14,188 12,869 35,177 19,398 81,632Financing expenses (1,663) (297) (1,441) (1,845) (5,246)Financing income 340 84 156 353 933Pre-tax profit for the period 12,865 12,656 33,892 17,906 77,319Oil and gas profit levy - (2,109) (4,891) (2,500) (9,500)Net total profit for the period 12,865 10,547 29,001 15,406 67,819Regulation 10C: Use of proceeds from securities,None.D-2
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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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Untimely Meditationshad only you, t
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Page 256 and 257: AVNER OIL EXPLORATION (LIMITED PART
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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
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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
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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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