Avner Oil - Annual Report 2011 - Delek Energy Systems

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Regulation 21:Payments made to interested parties and senior officersBelow is a breakdown of payments made in 2011 to the senior officers receiving the highest benefits in the Partnership (in USD thousands):A. Five highest earners among senior officers in the Partnership and/or in a corporation under its control (in USD thousands)Details of benefit recipient Benefits for services Other benefits TotalNamePositionEmploymentbasis% ofparticipationunits held Salary BonusSharebasedpaymentManagementfeesConsultingfees Commission Other Interest Rent Other 6YanivFriedmanVP,Strategy- 47 47Mr. Yaniv Friedman has been employed by the Partnership since August 8, 2011 and has served as VP, Strategy since October 2, 2011. Hismonthly salary amounts to NIS 45,000 plus payments for social benefits. Delek Drilling pays 50% of Mr. Friedman’s monthly salary. In addition,he is entitled to annual vacation of 22 days for one full year of work, up to 90 days of sick leave, a car and car maintenance expenses as well asother ancillary benefits. Notice of 90 days is required in the event of termination of contract and there is a 3-month non-competition period.B. Three highest earners among senior officers in the Partnership who are not listed in section A above.Details of benefit recipient Benefits for services Other benefits TotalNamePositionEmploymentbasis% ofparticipationunits held Salary BonusSharebasedpaymentManagementfeesConsultingfees Commission Other Interest Rent Other 767See Regulation 22, Section 1.See Regulation 22, Section 1.D-5
C. Interested parties in the Partnership who are not listed in section A or section B aboveDetails of benefit recipient Benefits for services Other benefits TotalNamePositionEmploymentbasis% ofparticipationunits held Salary BonusSharebasedpaymentManagementfeesConsultingfees Commission Other Interest Rent Other 8Avner Oil andGas Ltd.GeneralPartner-1.81%9 6,284 6,284Delek EnergySystems Ltd.Delek GroupLtd.--50.11% -6.53% 122 401 523Cohen-Developmentand IndustrialBuildingsLtd. 104,127 4,12789See Regulation 22, Section 1.The Partnership is managed by the General Partner, which is entitled under the Limited Partnership agreement to ongoing management fees for its services in the sum of 7.5% ofthe Limited Partnership’s current expenses for oil exploration operations, on a quarterly basis which is to be no less than USD 40,000 per month. The Limited Partnershipagreement also stipulates that the General Partner is entitled to reimbursement of all the direct expenses it incurs in the management of the Limited Partnership. It also stipulatesthat unless the Commissioner's consent is received for other types of expenses, these expenses will include only the following: Accountants, legal counsel, geological consulting,investment consulting, geophysical and reservoir engineering consulting, engineering consulting, economic (financial) consulting, insurance consulting, strategy and mediaconsulting, investor relations consulting, regulatory consulting, and marketing consulting fees as well as reimbursement of expenses relating to marketing and financing operationsand expenses for preparation of financial statements for joint ventures, financial statements and reports under the Securities Law, 1968, preparation of approvals for tax purposes,payments to the Securities Authority, TASE, the Registrar of Companies and the Registrar of Partnerships. Except for the above, fees will not be paid to the General Partner orinterested parties in it (as defined in the Securities Law, 1968) from the funds of the Limited Partnership. In 2011, these expenses totaled USD 6,284,000.10 Ceased to be an interested party in the Partnership on December 28, 2011.D-6
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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 262 and 263: AVNER OIL EXPLORATION (LIMITED PART
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Page 309 and 310: Regulation 10A: Summary of the Part
Page 311: Regulation 12:Regulation 13:Regulat
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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