Several major energy companies may end up bidding to takeover Australian firm Aurora Oil & Gas.

The Perth-based company is listed on the ASX, has its main point of focus in Texas and is the subject of an emerging bidding way between Devon Energy, Marathon Oil and Baytex Energy.

Baytex is reportedly the high bidder as of last Friday, when it put up a $1.84 billion offer.

The offer of $4.10 a share represents a 52 per cent premium on last week’s volume-weighted average price.

RBC Capital Markets analyst Andy Williams has told News Corp outlets that he believes the chances of other bids are low, but Euroz Securities resource analyst Jon Bishop says he expects plays from either Devon or Marathon, partners of Aurora in several US projects.

With or without new bids, the hefty offering from Baytex is a good sign, Mr Bishop said.

“It validates the sector in our view and should improve its perception in the eyes of the ASX market,” he said.

Aurora shareholders will vote on the offer from Baytex sometime mid-year.