North Sea newcomer Decipher Energy has applied for permission to tie the Orlando field back to the Ninian Central platform.
The platform, located east of Shetland, is owned by Canadian oil firm CNR International.
Last year an unexploded device thought to be a depth charge was found a short distance from the rig.
A military explosives expert said it could have the same explosive power as a car bomb.
A spokeswoman for CNR said today that the ordnance would likely be removed in the second quarter of 2018.
Aberdeen-based Decipher is led by Steve Bowyer, who used to be an executive at First Oil, which was placed in voluntary administration in 2016.
First Oil had been controlled by multimillionaire businessman Ian Suttie.
Decipher expects Orlando to produce at a plateau rate of 10,500barrels per day.
It could contain 8million barrels.
Decipher wants to connect the well to Ninian Central, about 7miles away, and has applied to the Oil and Gas Authority for permission to construct the necessary pipelines.
Last month, Mr Bowyer confirmed Diamond Offshore Drilling’s Ocean Guardian rig would drill a development well on the field.
Diamond Offshore’s most recent fleet report shows Ocean Guardian has been booked to drill the well between February and May 2018.
Decipher obtained stakes in Orlando last year when it bought out Iona Energy.
Iona, which held a 75% stake in the asset, went bust in 2016 following a failed attempt to restructure its finances.
Previously, Bridge Petroleum had an agreement to buy Iona, but it had to pull the plug on the deal when its funding fell through, allowing Decipher to swoop.
Decipher later clinched a deal to buy Atlantic Petroleum’s 25% stake in Orlando.
Meanwhile, Ithaca Energy has sought permission to build pipelines between the Harrier well and a manifold in the Greater Stella Area, located in the central North Sea.