Senex no longer interested in AWE SENEX Energy chief executive Ian Davies says he is no longer interested in a merger with AWE following the company's move to make preliminary dealings between the companies public. AWE said it had rejected a $752 million takeover offer from fellow Australian oil and gas producer Senex in a statement to the ASX on Monday after it had already been reported in the media. The offer significantly undervalued it, without an appropriate premium for control, said AWE. Mr Davies told AAP the non-binding takeover proposal had only been a friendly and informal conversation opener. "They saw fit to make it public and leak it that way," he said. He said the door was shut on an offer now but did not completely rule out future discussions. AWE complained in its statement that its shareholders would only be getting 47 per cent of the merged group's equity. However AWE would be contributing 70 per cent of proven reserves, 90 per cent of production and 67 per cent of sales revenue and before tax earnings. Mr Davies countered that he regarded Senex as contributing far more growth prospects through its onshore oil and gas assets in central Australia's Cooper Basin and coal seam gas assets in Queensland. A merged company would be among the top five oil and gas companies on the ASX with a market capitalisation of $1.5 billion. He said he regarded AWE and its mostly offshore assets in Australia, New Zealand and Indonesia as "ex-growth" but its strong cashflow made it attractive and would complement Senex's oil and gas growth prospects. AWE said it had gone public because Senex had already started buying shares and it believes its shareholders should know that. However Mr Davies said the company's stake was below three per cent and immaterial. That is above its current price, with AWE shares coming out of a trading halt on Monday and climbing 8.5 cents to $1.27 AEDT while Senex shares slumped 6.5 cents to 70.5 cents. However AWE's shares are valued by analysts at above $2.