Junior oil producer Senex Energy's full year revenue has fallen 37 per cent amid struggles with lower sales volume and weaker oil prices.
The Brisbane-based company's sale revenue for the June quarter was down 10 per cent to $9.9 million contributing to a full year sales revenue of $43.6 million, down from $69.3 million in 2016.
Senex blamed the revenue fall on lower sales and a lower realised price of $A61 per barrel on oil sales, compared to $A71 per barrel the prior year.
The company sold 160,000 barrels of oil equivalent in the final quarter, compared to 170,000 in the three months to March, with a first full quarter of contribution from its Spitfire-8 well offsetting the impact of natural field decline.
Total full year oil production was 750,000 barrels of oil equivalent down from 1.01 million delivered in 2016, on the back of a limited number of new wells being brought online over the past two years.
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It realised an average oil price of $A62 a barrel for the June quarter, compared to $65 in the March quarter.
Senex chief executive and managing director Ian Davies said the company has commenced a capital investment program on the Western Surat Gas Project which will bring in a new revenue stream for the company.
