"Plans are now under way to complete and tie this zone into production,” the company said.

“Completion and tie-in of the gas zone to the existing pipeline system is expected to be completed within the next three weeks.”

Folse-1 reached its planned total depth of 10,850ft on November 4.

Electric logs also indicated several potential oil zones. But subsequent sidewall core samples indicate the oil zones are most likely depleted, however Golden Gate will be reviewing these zones at a later date.

Golden Gate, which is the operator, has farmed down from 50% to a 42.5% working interest in the well. Following project payback, which includes all well and project entry costs, the vendors of the project have a 20% back-in right, which will deliver a 34% working interest.

Last month, Golden Gate reported another gas find from the Folse-2 well at the Samstown prospect elsewhere in Iberville Parish.