The firm, a startup backed by Barclays, first drilled the KM8 well at its Kirby Misperton in 2013.
Chief executive Rasik Valand said: “Our analysis indicates that there could be a significant new gas reservoir in our North Yorkshire licence area. Having operated in the area for many years, we know the importance of being a good neighbour and we will work in partnership with the local community to develop this opportunity.”
Third Energy has promised to return a benefit of £100,000 to the community once operations start.
The firm, which has been operating in the area for over 20 years, already produces gas from four fields, for use at its Knapton generating station to supply the National Grid.