The company said it would begin drilling the prospect in late August or September, once the drilling rig arrives from its current operations.
According to Texon, the Leighton prospect has a gross unrisked potential of 4.5-5 million barrels.
"Gross initial production rates from wells in a nearby field have been between 70-400 barrels of oil per day accompanied by gas,' the company added.
The proposed total depth of the well is 2805m with the target oil reservoir expected at about 2713m.
Texon has a 100% working interest and a 75% net revenue interest in the well.
