** Shares of Beach Energy rise as much as 4.5% to A$1.275, hitting their highest level since Oct 8
** Oil and gas explorer reports 10% increase in Q1 production compared to previous quarter
** Co reported revenue of A$427 mln($286.09 mln) for the quarter, in line with the prior period
** Flat QoQ production at Western Flank from good operational performance was a highlight — Citi
** Citi retains target price of A$1.10/shr and "sell" rating on BPT
** Stock down 23.8% YTD, as of last close
($1 = 1.4925 Australian dollars)
(Reporting by Shivangi Lahiri in Bengaluru)
((shivangi.lahiri@thomsonreuters.com))
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