The aerodrome is shown as " Aerodromo de Obidos" on the web,
The sign & hangar state "Aeroclube Lagoa de Obidos",
If you go north of the airfield there is a the Lagoa de Obidos or Obidos Lagoon (where we spend some time paddle boarding), so the Lagoa in this case translates as Lagoon or Lake, and the sign is saying "Aeroclub of Obidos Lagoon".
There's also a Lagos in Portugal in the Algarve, which is where I thought you meant when you stated "Lagos Microlight Airfield" - especially as there is a microlight airfield just outside Lagos in Portugal (37°07'17.94" N 8°40'38.86" W) although it looks nothing like my images.