Avner Oil - Annual Report 2011 - Delek Energy Systems

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Regulation 11:Partnership’s investments in its subsidiaries and affiliates at the balance sheet dateCompanyType ofshareNo. ofsharesTotal parvalueValue in thefinancialstatements atDecember 31,2011 (USDthousand)Capital% of holdingVotingPower toappointdirectorsBalance ofsecuritiesand loans(USDthousands)Main terms of the securities andloansRedemptionyearsLinkagetermsOtherdetailsDelek and Avner YamTethys Ltd. 1Ordinaryshares4,344 4,344 - 43.44 43.44 43.44 -Yam Tethys Ltd.Avner Exploration (YamTethys Financing) Ltd. 2Avner Exploration –(Tamar Financing) Ltd. 3Avner Exploration –(Leviathan Financing) Ltd 4OrdinarysharesOrdinarysharesOrdinarysharesOrdinaryshares23,000 23,000 - 23 23 23 -100 100 - 100 100 100 69,023 Up to 2 USD100 100 - 100 100 100 184,587 1 USD100 100 - 100 100 100 2 USD1Delek and Avner Yam Tethys Ltd. is a special purpose company (SPC) established in March 2005 to raise funds. The Company's equity balance at December 31, 2011 is less than USD 1,000. In theaccounting year the securities were repaid in full. For further details, see note 10 to the financial statements. .2.Avner Exploration - Yam Tethys Financing Ltd. is a special purpose company (SPC) established to obtain financing. The company was established in June 2011. The partnership’s financial statementsinclude the liabilities created following the fundraising carried out through the above company as follows: the balance of the loans totals USD 69,029,000, as described in note 9 to the financialstatements.3 . Avner Exploration - Tamar Financing Ltd. is a special purpose company (SPC) established in April 2010 to raise funds to finance development of the Tamar project. The partnership’s financialstatements include the liabilities created following the fundraising carried out through the above company as follows: the balance of the loans totals USD 184,587,000, as described in note 9 to thefinancial statements.Avner Exploration - Leviathan Financing Ltd. is a special purpose company (SPC) established to obtain financing. The company was established in December 2011. In March 2012 the amount of USD60.5 million was received on account of the first withdrawal. For further details, see note 9 to the financial statements. .י‎4‎D-3
Regulation 12:Regulation 13:Regulation 20:Changes in investments in subsidiaries and affiliates in the reporting periodNone.Comprehensive profit of subsidiaries and affiliates and the Partnership's incometherefromThe Partnership has subsidiaries and affiliates 5 (“the Companies”). The Companies didnot distribute dividends and did not pay management fees or interest to the Partnership inthe reporting period. In addition, since all the subsidiaries of the Partnership are SPCswhich were established for specific purposes, they had no profits or losses in thereporting year.Trading on the TASE - securities listed for trading - dates and reasons forinterruption of tradeIn the year ended December 31, 2011 the securities issued by the Partnership were notlisted for trading.Details of interruptions in trade of the Partnership’s securities in 2011Type of securityNo. ofsecurityDate ofinterruptionof tradeType ofinterruption oftradeReason forinterruption of tradeParticipation units 268011 28.12.2011 Partial Partnership noticeParticipation units 268011 19.12.2011 Partial Partnership noticeParticipation units 268011 19.12.2011 Fixed Partnership noticeParticipation units26801117.11.2011 FixedPublication of quarterlystatementParticipation units 268011 15.11.2011 Partial Partnership noticeParticipation units26801117.5.2011 FixedPublication of quarterlystatementParticipation units 268011 3.4.2011 Fixed Partnership noticeParticipation units 268011 3.4.2011 Partial Partnership noticeParticipation units 268011 29.3.2011 Partial Partnership notice5See details in regulation 11 above.D-4
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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 260 and 261: AVNER OIL EXPLORATION (LIMITED PART
Page 306: AVNER OIL EXPLORATION (LIMITED PART
Page 309: Regulation 10A: Summary of the Part
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
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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