Beach Energy Limited
(ASX:BPT) has increased its stake in oil and gas producer Cooper Energy Limited
(ASX:COE).
But Beach has told media that it has no current intention to make a takeover offer for the fellow Cooper Basin-based company.
The move increased Beach's stake in Cooper from 9.5 per cent to 18.41 per cent.
It also has helped Cooper's share price recover from its recent lows of 36c a share in response to inconclusive results from the drilling of the Hammamet West oil prospect offshore Tunisia.
The heavy buying led to Cooper shares marching higher to 41c by the close of trade yesterday.
Beach is now Cooper's biggest shareholder.
