Porto Energy Corp., The Woodlands, Tex., will exploit oil potential in the tight Lower Jurassic stratigraphic interval on 450,000 acres of the company’s concessions in Portugal’s Lusitanian basin.
The company signed a memorandum of understanding with Sorgenia International BV of the Netherlands and Rohol-Aufsuchungs AG of Austria to jointly evaluate Lias resource potential. A joint venture agreement is to be signed by the end of 2011. The Lias is being pursued as an unconventional resource throughout Europe, Porto noted.
Porto, through its Mohave Oil & Gas Corp. subsidiary, has working interests in five concessions totaling 1,444,152 net acres in the basin and is appraising a gas discovery there.