The field is performing in line with expectations, according to Golden Gate.

“To optimise gas recoveries, the well is being choked back and may gradually be increased following assessment of the performance of the well,” the company said.

“The now established infrastructure at Folse-2 could be used for other gas discoveries such as LGS Shallow, which may ultimately be hooked into production.”

Golden Gate said its high working interest (45%) in Folse-2 will make a meaningful contribution to the company’s earnings.

“A 20% back-in after project payout (which includes all well and entry costs for Samstown, LGS and Noel) to the project sellers effectively delivers the company a working interest of 36% after payout,” Golden Gate said.

Reserves are estimated at 1-2 billion cubic feet.