Avner Oil - Annual Report 2011 - Delek Energy Systems

351/Hannah, 352/David and 353/Eran licenses ("the Ratio Yam licenses"); the 358/Ruth A,359/Ruth B, 360/Ruth C and 361/Ruth D licenses ("the Ruth licenses"); the 364/Alon A, 365/AlonB, 366/Alon C, 367/Alon D, 368/Alon E and 369/Alon F licenses ("the Alon licenses"); the Avialicense and the Keren license, according to the work plan and budget approved or to be approvedfrom time to time under the joint operating agreement applicable to these licenses.4.5 In December 2010, the general partner announced that, given the Partnership's substantialinvestments of over NIS 400 million in 2010, partially recognized for tax in this year, inter alia, in theYam Tethys project, development of the Tamar project and exploration activities, and based onestimates and assumptions about expected results for 2010, the Limited Partnership is notexpected to have taxable income for 2010, therefore the first distribution will not be made in 2010.4.6 The table below presents the tax-deductible income (expenses) attributable to the holder of oneparticipation unit in 2010YearTax-deductible income (expenses) attributable tothe holder of one participation unit, NIS 0.01 parvalue (NIS)2010 (0.02277351)4.7 On December 28, 2011, the general partner announced that in accordance with the provisions ofthe Limited Partnership agreement and the trust agreement, after consultation with thePartnership's accountant, the general partner believes that the Partnership is not expected to haveany taxable income in 2011.4.8 At the date of the report, the amount of the income/expense for tax purposes has not yet beendetermined for an eligible holder of a participation unit in the 2011 tax year, since the Partnership'sfinancial statements have not yet been audited by the tax authorities - tax assessor for largeenterprises for 2011.A-6