Avner Oil - Annual Report 2011 - Delek Energy Systems

7.5.6 Calculation of the effective share of revenues in the Ratio Yam licenses attributable toequity holders of the PartnershipDescription %Summary of the calculation method forroyalties or payments (includingdeduction of expenses and others)(reference to the agreement)Theoretical annual revenues of the oilasset100%Royalties or payment (derived from revenues after the discovery) related to the the oil asset:The State (11.34%) Calculated at the wellhead price accordingto the calculation in 2011 for the YamTethys projectTotal (11.34%)Adjusted revenues on the level of theoil assetShare of the adjusted oil assetrevenues attributable to holders of thePartnership’s equity rightsShare of holders of the Partnership’sequity rights in the effective rate ofrevenues, at the level of the oil asset(before other payments at the level ofthe Partnership)88.66%22.67%20.10%Royalties or payments (derived from revenues after discovery) in respect of the oil asset at the level of thePartnershipShare of the holders of the(1.24%) Overriding royalties at a rate of 6% paid toPartnership’s equity rights in paymentsthe royalty holders less wellhead expensesto related parties and non-relatedat a rate calculated for royalties to the stateparties 98Effective share of the oil assetrevenues attributable to thePartnership(18.86%)98 The parties entitled to royalties are Cohen Development and Industrial Buildings Ltd., Delek Investments andProperties Ltd. and other entities that are not related parties (for further information, see Note 11A(1) to the financialstatements).A-84