Central Australian-based Senex Energy has further cut spending in response to weak oil prices as sales revenue fell during the March quarter.
The Cooper Basin oil and gas producer has reduced the number of wells it is drilling and lowered capital expenditure guidance for 2014/15 to $80 million to $85 million following a larger cut in January.
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The original budget was $100 million to $120 million.
Group sales revenue in the March quarter of $22.3 million were down 40 per cent from a year ago and 21 per cent lower compared to the previous quarter.
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