Share values for Beach Energy (ASX:BPT) suffered a hit of up to a 3% fall to A$1.615, marking the lowest point since August 3rd.

The oil and gas exploration firm announced the departure of CEO Morne Engelbrecht, citing the end of his tenure with the company.

In subsequent developments, former Santos COO Brett Woods has been appointed as Managing Director and CEO, with Woods set to assume office on February 21, or on a mutually agreed upon date.

The company’s stock shares had been on an upward trend, up by 4.4% year to date before this latest incident.

Beach Energy is an oil and gas exploration company.