March 28 (Reuters) -

Shares of Australia's Beach Energy hit a 15-month-high on Thursday after the oil and gas producer said it would lay off 30% of its workforce as part of a strategic review to save operational costs.

Beach Energy did not immediately respond to a Reuters request for clarification on the number of jobs that could be affected.

The company said last month it was undertaking a comprehensive review to reset the business, increase its margins and save costs. It reported cost of sales of A$1.06 billion ($692.9 million) in fiscal 2023 compared to A$995.6 million a year ago.

The first stage of the review has been completed with a new asset-based organisational structure to be implemented by April 8, Beach Energy said.

As a part of the new structure, several members of its current executive team will leave over the coming months while new appointments are underway, it added.

Shares were up 5.1% at 0315 GMT, after jumping as much as 6.4% to A$1.883 - their highest level since Dec. 5, 2022 - soon after the announcement. ($1 = 1.5298 Australian dollars) (Reporting by Echha Jain in Bengaluru; Editing by Eileen Soreng and Varun H K)