The Perth-based company estimated the projects, in Iberville and Ascension Parish, contains more than 19 million barrels of oil and 34 billion cubic feet of gas at the P50 level of confidence.

Golden Gate has farmed-in to earn a 50% working interest in the projects, seeking to farm-down to a 40% stake.

Drilling will initially target a series of shallow objectives, which if successful will provide the company with early cash flow for the option of whether to target the larger reserves in deeper reservoirs.

“This is the fourth in a series of new venture initiatives that the company has announced in order to bring diversity and growth to its asset portfolio in the onshore Gulf Coast region,” Golden Gate said.

“These initiatives include low-risk exploration ventures, with high production rate potential and a significant oil component in reserves.”