Oil and gas explorer Bow Energy Ltd (ASX: BOW) said on Tuesday that negotiations for strategic partnership with Liquefied Natural Gas Ltd has bogged down and so is the possibility that the two firms would collaborate on the planned liquefied natural gas (LNG) project in Gladstone, Queensland.

Only last month, LNG admitted that talks were being conducted by the company with Bow Energy with regards to its plan of seeking a viable partner that it can tap for gas supply and venture options on its Fisherman's Landing coal seam gas exploration site in Gladstone.

Apparently the discussion between the two companies never reached the fruition level as Bow Energy issued a statement today declaring that "it wishes to advise the market that it is no longer in discussions with LNG Ltd and that any discussions held were inconclusive."

Despite the failed possible partnership with LNG on the Gladstone LNG project, Bow Energy said that it would stay the course and would sustain its pursuit of "its stated strategy of progressing multiple channels to monetise its considerable gas resources including progressing opportunities in power generation, domestic gas supplies and export LNG."

As of 1311 on Tuesday, Bow Energy and LNG shares went separate ways with Bow stocks gaining by nine cents or 7.2 percent to trade up at $1.34 while LNG shares retreated by 3.5 cents or seven percent to trade down at 46.5 cents.