Porto Energy Corp., The Woodlands, Tex., plans to spud the second well in a two to four well exploratory program in a Jurassic reef trend the Lusitanian basin of Portugal after plugging its first well.
The SPC-1 well in the Torres Vedras concession went to 2,064 m measured total depth. The well found a reservoir and working petroleum system but appears to have failed due to ineffective seal capacity. Evaluation of drilling and open-hole log data indicates it had oil shows, but the well did not encounter commercial accumulations of hydrocarbons has been plugged and abandoned.
The company is preparing to move the rig to the SPC-2 location to test a second Jurassic reef prospect at 1,950 m. It targets a well-defined four-way closure trap in the reef as delineated by the company’s 120 sq km 3D seismic survey.
Through its subsidiary, Mohave Oil & Gas Corp., Porto has working interests in five concessions in totaling 1,444,152 net acres in the Lusitanian basin (OGJ, Dec. 8, 1997, p. 67).