Senex in Talks to Acquire AWE

AWE Limited has received a non-binding and conditional merger proposal, the company said in a statement on Friday.

As per a report by news agency Bloomberg, the proposal has been made by Senex Energy. With the merger, Senex hopes to acquire shale fields in Western Australia and an Indonesian oil project.

Senex is active in Cooper Basin where it working towards developing a large-scale, cost-competitive unconventional gas resource. In Surat Basin, Senex is holds four strategically located coal seam gas tenements.

The talks are still at an early stage and the structure of a potential transaction has yet to be agreed, sources who did not want to be identified told Bloomberg.

Talks between Senex and AWE were first reported in the Australian Financial Review on Friday, Bloomberg said. 

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