Rich Lister Chris Ellison's Mineral Resources has given up on its ambitions to acquire in-demand oil and gas play AWE, leaving Japanese trading giant Mitsui in the box seat to snare the half-owner of one of the country's most promising onshore gas discoveries.

The Perth-based mining services provider is understood to have decided not to match the $602 million all-cash bid for AWE from Mitsui within the three days it had to do so under its pre-existing deal with the target.