Avner Oil - Annual Report 2011 - Delek Energy Systems

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Hannah licensePeriodSummary of the operations performedin the period / summary of the plannedwork planActual totalcost/estimated totalbudget for operationson the level of the oilasset (USDthousands) 92The Partnership'seffective share of thecost/budget (USDthousands)2009 • Mapping of potential prospects basedon a 2D seismic survey conducted in2008• 3-D seismic surveys• Feasibility analysis of the prospects• Drilling plan in the license area2010 • Processing and interpretation of theseismic surveys, as described above2011 • Dolphin 1 exploration drilling• On December 18, 2011, thePartnership announced a natural gasdiscovery at the Dolphin 1 well.3,471 8461,124 27456,632 13,8012012 upto June14, 2013• Submission of a report summarizingthe drilling findings• Submission of a report summarizingthe operations in the license area byJune 14, 2013- -David licensePeriodSummary of the operations performedin the period / summary of the plannedwork planActual totalcost/estimated totalbudget for operationson the level of the oilasset (USDthousands) 93The Partnership'seffective share of thecost/budget (USDthousands)2009 • Mapping of potential prospects basedon a 2D seismic survey conducted in2008• 3-D seismic surveys• Feasibility analysis of the prospects• Signing an agreement for drilling in thelicense area2010 • Processing and interpretation of theseismic surveys, as described above• Continuation of interpretation ofseismic surveys3,471 8461,124 2741,101 2682012 upto June14, 2013• Continuation of interpretation ofseismic surveys• Submission of quarterly reports,including exploration results,geological, geophysical andengineering data and details ofexpenses for works carried out in thelicense.• Submission of a drilling prospect at50,000-70,000 06,216 -01,1069293The amounts for 2009-2011 are amounts that have actually been expended and are audited in the financialstatements.The amounts for 2009-2011 are amounts that have actually been expended and are audited in the financialstatements.A-81
David licensePeriodSummary of the operations performedin the period / summary of the plannedwork planActual totalcost/estimated totalbudget for operationson the level of the oilasset (USDthousands) 93The Partnership'seffective share of thecost/budget (USDthousands)least three months before the planneddate for drilling in the license area• Submission of a document describingthe technical specification of the drillingrig and the timetable for drilling, nolater than three months before drillingand no later than March 14, 2013 94• Submission of a drilling plan thatincludes detailed geological andengineering planning, including riskanalysis for the site, at least threemonths before starting the planneddrilling.• Submission of a summary report of thedrilling findings no later than threemonths after completion.• Submission of a report summarizingthe operations in the license area byJune 14, 2013Eran licensePeriodSummary of the operations performedin the period / summary of the plannedwork plan2009 • Mapping of potential prospects basedon a 2D seismic survey conducted in2008• 3-D seismic surveys• Feasibility analysis of the prospects2010 • Processing and interpretation of theseismic surveys, as described above2011 • Continuation of interpretation ofseismic surveys•2012 upto June14, 2013• Continuation of interpretation ofseismic surveys• Submission of quarterly reports,including exploration results,geological, geophysical andengineering data and details ofexpenses for works carried out in thelicense.• Submission of a drilling prospect atleast three months before the planneddate for drilling in the license area• Submission of a document describingActual totalcost/estimated totalbudget for operationson the level of the oilasset (USDthousands) 95The Partnership'seffective share of thecost/budget (USDthousands)1,562 381505 123495 12150,000-70,000 06,216 -01,1069495If the drilling is carried out by one of the rigs already operating in licenses which Noble holds (Sedco Express, PrideNorth America and Homer), this document is not required.The amounts for 2009-2011 are amounts that have actually been expended and are audited in the financialstatements.A-82
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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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Page 44 and 45: 7.4 Tamar project7.4.1 GeneralTamar
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Page 50 and 51: (F)(G)(H)(I)(J)(K)(1) The leasehold
Page 52 and 53: 7.4.5 Actual work plan and intended
Page 54 and 55: PeriodDalit leaseSummary of the ope
Page 56 and 57: Dalit leaseParticipation rate %Perc
Page 58 and 59: DescriptionEffective share attribut
Page 60 and 61: 7.4.9 Royalties and payments paid d
Page 62 and 63: expenses which can be directly attr
Page 64 and 65: Total discounted cash flow from pro
Page 66 and 67: Total discounted cash flow from pro
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Page 70 and 71: Sensitivity/categoryTotalPresentval
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Page 74 and 75: ParameterPorosity (decimal)Lowestim
Page 76 and 77: 7.5 Ratio Yam licenses7.5.1 General
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Page 80 and 81: PeriodEran licenseDescription of th
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Page 86 and 87: PeriodEran licenseSummary of the op
Page 88 and 89: 7.5.7 Calculation of the effective
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Page 96 and 97: (D)(E)(F)(G)(4) The contingent reso
Page 98 and 99: 7.5.12 Prospective resources in the
Page 100 and 101: PeriodDescription of the updated wo
Page 102 and 103: Description%Summary of the calculat
Page 106 and 107: 7.7.3 Binding work plan according t
Page 108 and 109: 7.7.5 Disclosure of the effective p
Page 112 and 113: General information about the Partn
Page 114 and 115: PeriodDescription of the updated wo
Page 116 and 117: Description %Summary of the calcula
Page 118 and 119: 7.8.10 Royalties and payments paid
Page 120 and 121: (B)(C)The report was based on the r
Page 122 and 123: 7.9 Petroleum licenses that were re
Page 124 and 125: 7.10 Products and servicesDuring th
Page 126 and 127: 7.11.3 Agreements to sell natural g
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Page 130 and 131: (G)addition, Yam Tethys partners ha
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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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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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Avner Oil - Annual Report 2011 - Delek Energy Systems

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