Oz Senex Sees Revenues Slide on Low Prices

Australian oil and gas producer Senex saw revenues dip in the three months ending September 30, as the impact of an upswing in production was more than offset by lower prices.

Revenues totalled A$23.9mn ($16.3mn) in the period, down from A$25.6mn a year earlier, Senex said in a report published on October 28, owing to a slump in its average realised oil price from A$114 to A$100/barrel.

The weaker performance came despite a near 20% growth in production, thanks to higher oil output at the Growler field and an increase in gas extraction in the Surat Basin in southern Australia. Senex also achieved first gas earlier this month from Project Atlas in Queensland, and boosted output at the nearby Roma North gas field.

Despite the lower revenues, CEO Ian Davies hailed the period as "an outstanding quarter" in terms of operational and project milestones.