Sun told the market yesterday that the complex had the potential to contain 58-138 billion cubic feet of gas in a number of prospects, based on 3D seismic interpretation.

"These prospects have been generated from 3D seismic and have stacked Upper Wilcox sands objectives that are analogues of nearby production," Sun said.

"In particular, the sand objectives have associated direct hydrocarbon indicators conforming to structural closure."

Texon as operator, with a 65% stake, plans to spud the first well Raun-1 on the Bondi prospect this weekend.

Patterson deep rig-131 has been mobilised to site and is rigging up on a pre-collared hole drilled to a depth of 60 feet.

The Bondi prospect, a large three-way closure with a four-way dip component, has similarities to the adjacent productive Cottonmouth Field, 2.2 miles to the northwest.

Wells at Cottonmouth had initial production rates of 7-12 million cubic feet of gas per day with up to 200 barrels of oil as condensate.

The Raun-1 exploration well is targeting 30-67Bcf in the Upper Wilcox objectives, forecast to be encountered at a depth of 11,000-13,500 feet.

Also involved in the project is Empyrean Energy with a 20% working interest.