** Citi sees execution risks in Australia's Beach Energy BPT.AX as the first gas sale from its Waitsia plant is delayed

** Brokerage retains "sell" recommendation and price target of A$1.3, a 12.2% discount to stock's last close of A$1.48

** Oil and gas producer targets first gas sale from Waitsia plant in Western Australia in Q4 FY25, delayed from Q2 CY25

** Co's shares rose on upbeat Q2 FY25 production on Wednesday

** Citi flags asymmetric risks in owning shares before Waitsia has been fully commissioned

** Brokerage, however, expects higher earnings on stronger pricing for Waitsia LNG

** 7 of 15 analysts rate the stock "buy" or higher, 3 "hold" and 5 "sell" or lower; their median PT is A$1.46 – LSEG data

** Beach up 6.1% so far this year as of last close, outperforming a 4.9% rise on the ASX Energy index .AXEJ

(Reporting by Nikita Maria Jino in Bengaluru)

((Nikita.Jino@thomsonreuters.com;))