Senex Energy Limited (Senex, ASX:SXY) has reduced FY15 capital expenditure and other costs to retain its strong funding position in the current volatile oil price environment.
Key Points:
- FY15 capital expenditure guidance reduced from $100 - $120 million to $85 - $90 million
- Capital program to high-grade opportunities and continue valuable growth projects
- No change to FY15 production guidance of 1.4+ mmboe
- Additional cost savings of $6 million annualised have been implemented
- Hedging instruments with floor oil price in place to protect Q3 and Q4 oil sales revenue
- Set to end FY15 in strong net cash position
The reductions in expenditure are in response to the expected decrease in full year revenues as a result of current energy market conditions.
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