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AWE has a 50 per cent stake in the Waitsia project in the Perth Basin.

AWE shares dive after Chinese withdraw bid

AWE shares have tumbled following a decision by the Chinese state-owned company interested in buying the Australian oil and gas group to withdraw its $430 million proposal, after it was unable to conduct a final due diligence review on the target.

AWE did not say why China Energy Reserve and Chemical Group had formally withdrawn the unsolicited indicative proposal, which had valued the ASX-listed securities at 71 cents per share.

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