PERTH, April 3 (Reuters) - Australia's Beach Petroleum Ltd (BPT.AX), a second-tier oil and gas producer, has sold 40 percent of its stake in a coal seam gas field to Arrow Energy Ltd (AOE.AX) for up to A$400 million ($286.3 million). Beach said in a statement on Friday the sale was for its 40 percent stake in the Tipton West coal seam gas asset in the northeastern state of Queensland. (Reporting by Fayen Wong)
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