The company has agreed in principle to fund US$875,000 of the $3.5 million project and drilling is expected in the next two months.
The 5030-metre deep New Taiton prospect is defined by 3D seismic and lies along a trend of other existing Wilcox gas fields, said Antares managing director, Howard McLaughlin.
The New Taiton prospect would be the first in a line of drilling opportunities planned for the next 12 months, according to McLaughlin.