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Porto pursues Lusitanian onshore targets in Portugal

Porto Energy Corp., The Woodlands, Tex., expects to receive interpreted results in 3 months from a 240 sq km 3D seismic program over the Montejunto anticline on its Torres Vedras concession onshore Portugal.

Montejunto is the fourth and final 3D program that in total has given the company more than 1,600 sq km of new data on its five concessions that cover a combined 5,844 sq km.

The company will use data from Montejunto and from the 24,000 sq km aeromagnetic survey completed in July 2011 to identify drill sites that target multiple stacked pay intervals including Jurassic reefs on the eastern side of the basin, the presalt, and shallower targets.

Using prestack time migration processing from the 160 sq km Aljubarrota 3D seismic survey shot last year, Porto has identified a large Triassic four-way closure in presalt sandstones beneath the gas charged Lower Jurassic Brenha formation. The structure’s crest is estimated to be 800 m updip of gas shows in Triassic sandstones in the company’s ALJ-2 Brenha gas discovery (OGJ, Dec. 8, 1997, p. 67).

The entire prospect and surrounding area appear to have a thick salt topseal imaged from the seismic data set. Shallower targets have been identified in the mapped four-way closure, and the company is seeking a partner to participate in a 3,000-m presalt well that would be spudded by June 1, 2012, pending funding requirements and partnering efforts.

Porto is working toward a definitive agreement with Sorgenia International BV of the Netherlands and Rohol-Aufsuchungs AG of Austria to jointly evaluate the unconventional resource potential of the Lower Jurassic (Lias) stratigraphic interval on 450,000 acres of Porto’s concessions. Porto’s Mohave Oil & Gas subsidiary has applied for two new concessions in an effort to further consolidate Lias holdings.

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