Shares of Beach Energy enjoyed a considerable rise, climbing as much as 3.3% to A$1.575.

This marks its biggest intraday percent gain since August 10.

The boost in Beach Energy’s (ASX:BPT) stock market performance was driven by the company’s announcement of a new gas discovery at Trigg Northwest 1, the fourth well in the ongoing Perth Basin gas exploration campaign and the second under Beach Energy’s direct operations.

Looking forward, the company plans to continue investing in probing the Perth Basin acreage in its quest to bring new gas supply to the domestic market in Western Australia.

Concurrently, Beach Energy (ASX:BPT) revealed its plans to case and complete the gas well to facilitate future productivity testing, discern connected volumes, and ascertain commerciality.

The company’s stock has this year seen a decline of 4.4% as of the last closing.

Beach Energy (ASX:BPT) is an oil and gas producer involved in exploration and production activities.