Investors in AWE Ltd are embracing the prospect of a bidding war for the unheralded oil and gas player after mining services provider Mineral Resources Ltd trumped a $463 million takeover offer from a state-owned Chinese player amid expectations a third suitor may still enter the fray.

News of the all-scrip offer of 80¢ a share from Perth-based MinRes, run by Financial Review Rich Lister Chris Ellison, sent AWE's shares soaring once again as shareholders bet the takeover tussle has some way to play out.