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Seven Generations Lowers Capex, Reduces Rigs
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Seven Generations is updating its business plan in response to persisting low commodity prices and has adjusted its 2015 capital budget downwards by $250 - $300 million, resulting in a revised program size of $1.30 to $1.35 billion.
2015 Capital and Drilling Plans: 2015 capex: $1.3-1.35 Billion Reduction of 14 rigs to 10 rigs Affirming production guidance between 55,000 and 60,000 boepd Drilling focused on Nest 2The Company plans to defer spending of approximately $200 - $250 million and also expects, through negotiations with suppliers and business partners, to capture additional cost savings on 2015 projects of at least $50 million, resulting in an aggregate spending reduction of approximately 15% - 20% from the earlier announced budget of $1.60 billion.
Despite these reductions…
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