Beach Energy Ltd (ASX: BPT) opened up 2% at $1.32 to kick off February.
Beach is an oil and gas exploration company based in Adelaide, with flagship operations in the Cooper/Eromanga Basins and interests in Tanzania and Romania.
Beach is unaccustomed to spending time on the declines list (as it did last week), after a spectacular run over the past 6 months with its share price up 140% and its quarterly report nothing but good news.
The company announced the financial close of its acquisition of Lattice Energy Limited yesterday and notched up its annual production target to between 25.5 million and 27.6 million barrels of oil from the forecasted 24.9 million barrels.
Beach has a large institutional shareholding, with the recent decline in price possibly indicative of financial institutions taking profits before they close off the month, but a higher open today might show a bit of buyer support after a disappointing January close.
