As a result, the company said the operator would perforate and flow-test the well, which was drilled to a total depth of 356m, over the next two to three weeks.
Golden Gate said the cost to drill this well was 35% under the budgeted estimate.
La Playa-2 was drilled to appraise a shallow discovery, which has been producing since 2001.
It was targeting the MT34 and MT35 sands in the Upper Frio section of the La Playa structure. The trap is a three-way fault closure and occurs along the same fault trend as the currently producing La Playa-1 well.
The discovery well initially started producing at 2 million cubic feet per day, but the production casing collapsed soon after completion preventing access to the MT35 and MT34 sands.
Before drilling started, Golden Gate said the La Playa structure had the potential to contain about 40 billion cubic feet of unrisked gas reserves.
