Shares in Beach Petroluem (BPT), an oil and gas explorer, rose as much as 2.37% to $1.51 on Tuesday, after the company said it is expanding its exploration activities with a foray into the European Oil and Gas Industry.
Shares ranged between 1.475 – 1.510 during intraday trading, amid thin volume.
The company has negotiated an agreement through which Beach will acquire a 25% interest in four onshore tenements in the Ebro Basin, Spain. The remaining 75% is held by Serica Energy PLC.
The Ebro Basin lies in north-eastern Spain, south of the Pyrenees Mountains.
It will cost Beach $3 million to fund a seismic survey.
"Beach is setting its ambitions on now becoming more active outside of its traditional areas of interest," managing director Reg Nelson said.
"High gas prices and very strong demand in the European market provide a powerful commercial incentive to explore for gas in this region.
"We have seen a number of prospective areas close to prolific hydrocarbon production where modern seismic technology can be used to unlock hidden opportunities," he said.
Beach Petroleum is a South Australian based company, and is principally involved in the exploration and production of oil and gas and has interests in Australia and Papua New Guinea.
The company is primarily focused on projects in the Cooper and Eromanga Basins in South Australia and Queensland.
