Trap Oil said yesterday it hoped to acquire an additional 45% of the Orchid oil prospect from Summit Petroleum and become operator.
The proposed £1.5million cash deal would see the UK exploration company become 60% owner of the find about 120 miles east of Aberdeen in the central North Sea.
It estimates unaudited reserves at about 40million barrels.
Reserve figures are dependent, however, on confirmation by a second exploration well after the first was plugged and abandoned in May.
Trap plans to conduct further technical studies on Orchid before any operational planning.
Trap chief executive Mark Groves Gidney said: “I am pleased we have managed to secure this opportunity.
“It marks another step towards Trap Oil becoming a well established and recognised operator in the UK North Sea.”
On completion, partners Valiant Exploration and Atlantic Petroleum would hold 30% and 10%, respectively.