The study will take into account scheduling, flight costs and the potential economic impact for the region.
In addition the group is proposing a partnership with Vincent Aviation, a New Zealand-owned airline company based out of Wellington and Darwin in Australia.
They are looking into the benefits of utilising Vincent Aviation's Saab 340 aircraft which seats 34 passengers and has one cabin crew and two pilots.
The proposed flight would also be available for charter flights and has been sourced for its comfort, capacity and ability to work within confines of current infrastructure.
The group driving the new initiative has evolved from the Masterton Airport Steering Committee.
They also have the support of former Masterton mayor Bob Francis and are still calling for public feedback on the proposed air service.
"We are very keen to continue to gauge public opinion and invite anyone to get in touch with their ideas or feedback.
"We particularly would like to hear from regular users of the previous service and receive more feedback and ideas from the business community," Mr Oldfield said.
People can contact the group with ideas or feedback on how the new service may operate, or obtain more information by contacting David Borman on david@venturcon.co.nz.