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.
Alan Petzet is Chief Editor-Exploration of Oil & Gas Journal in Houston. He is editor of the Weekly E&D Newsletter, emailed to OGJ subscribers, and a regular contributor to the OGJ Online subscriber website.
Petzet joined OGJ in 1981 after 13 years in the Tulsa World business-oil department. He was named OGJ Exploration Editor in 1990. A native of Tulsa, he has a BA in journalism from the University of Tulsa.
