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Australia's AWE planning bid for Arc Energy-paper

Sun Apr 13, 2008 7:43pm EDT

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SYDNEY, April 14 (Reuters) - Australian Worldwide Exploration Ltd (AWE) (AWE.AX) is planning a takeover offer worth about A$500 million ($463 million) for fellow oil and gas explorer Arc Energy Ltd ARQ.AX, the Sydney Morning Herald reported. Citing no sources, the paper said the two companies are discussing a friendly, cash and share bid at about A$1.58 a share, 27 percent above the A$1.24 close of Arc on Friday.

Neither company would comment, the paper said. The deal would give AWE more exposure to two projects in western and southern Australia that they both have stakes in, it said.

AWE, which has a market value of about A$1.6 billion, has production assets in Australia and Argentina. It produced 4 million barrels of oil equivalent in 2007.

Arc Energy lost out in an attempt to buy Anzon Australia Ltd AZA.AX earlier this year. (Reporting by Jonathan Standing)



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