Arc Energy said: Discussions between Arc Energy and Australian Worldwide Exploration (AWE) are ongoing and until there is greater certainty surrounding the terms of any offer it would be inappropriate for Arc Energy to comment further.
According to the Sydney Morning Herald, both the companies were discussing a cash and share bid at about A$1.58 a share.
In case the takeover talks materialize, the resultant merger would give AWE and Arc Energy 57.5% of Cliff Head in western Australia, as well as 42.5% of BassGas off the southern coast, said Bloomberg.
