Hurricane Energy has started looking ahead towards the full development of its Greater Lancaster Area (GLA), located west of Shetland.
Chief executive Robert Trice said work had begun to “identify the appropriate development scenario” in terms of facilities.
Dr Trice also said the company was exploring a number of funding structures, including “those that do not result in a reduction in licence equity”.
In June, Hurricane started up an early production system (EPS) on Lancaster, which has since delivered more than 1.6 million barrels of oil.
The main purpose of the EPS is to improve Hurricane’s understanding of the reservoir, helping it plot further phases of development for its assets, which are concentrated on the Rona Ridge area.
In the firm’s first-half results announcement, Dr Trice reiterated that it would take at least six months of steady production and data gathering to let Hurricane properly evaluate the “validity” of its reservoir model.
But Dr Trice said Hurricane is now “looking ahead towards an initial stage of full field development on the GLA”.
He added: “Well placement and planning will depend on subsurface and reservoir modelling, which will require at least six months of reservoir data to be progressed.
“However, work has commenced on identifying the appropriate development scenario in terms of facilities.
“Hurricane continues to have a 100% interest in the GLA and is exploring a number of structures to fund full field development, including those that do not result in a reduction in licence equity.”