Shares in Beach Energy have gained more than eight per cent after Chevron Australia announced it will take a stake in two gas exploration sites in the Cooper Basin.

Under its agreement with Beach, Chevron will take an initial 30 per cent interest in the Permian section of PEL 218 in South Australia and an 18 per cent working interest in ATP 855 in Queensland.

The agreement allows Chevron to explore, evaluate and assess the potential for unconventional gas from shale and tight gas development.

“This opportunity, potentially, gives us additional high-quality resources with long-term growth potential which aligns with our business strategy,” Chevron Asia Pacific Exploration and Production Company president Melody Meyer said in a statement on Monday.

Chevron Australia managing director said the Cooper Basin was an established petroleum producing basin from which the company could leverage its expertise in tight gas.

Beach Energy said it could receive $US349 million ($A340.27 million) over two stages for both permits over several years.

“This transaction vindicates in many ways the vision that the company has in relation to the potential of unconventional gas in the Cooper Basin,” Beach’s managing director Reg Nelson said.

At 1302 AEDT Beach Energy shares were 10.5 cents, or 8.1 per cent, higher at $1.40.