Australia's Arc Energy in bid talks with AWE

SYDNEY, April 14 (Reuters) - Oil and gas explorer Arc Energy Ltd ARQ.AX said on Monday it is in talks with Australian Worldwide Exploration Ltd (AWE) (AWE.AX) about a possible takeover bid by AWE, though a formal offer has not been received.

Arc was responding to a report in the Sydney Morning Herald earlier that AWE was planning a takeover offer worth about A$500 million ($463 million). ($1=A$1.08) (Reporting by Victoria Thieberger)