Predator Oil & Gas has announced plans to try and develop an old gas discovery in the Celtic Sea off the south coast.
The company said it had used new technology - not available when the gas was first discovered in 1984 - to analyse the possibility of extracting the gas in a commercial fashion.
It said the most cost-effective way of evaluating the prospect is to re-enter an old well.
"Results indicate that the re-entry is feasible and very cost-effective compared to drilling a new well," Predator said in a statement to the market. "Planning for a well re-entry will be undertaken in early 2019 with a view to executing the programme in 2020, subject to all fully compliant regulatory consents and approvals."
Progressing the plan will be dependent on finding a partner to help Predator finance the project - known as a 'farm-in' deal in the industry.
If gas were recovered, the plan would be to bring it ashore using the equipment already in use for the Kinsale field.
Predator is also looking to drill at a gas prospect near the Corrib field off the West coast, at which the new operator Vermilion Energy is making expansion plans.