The discovery of the shark - a male 1.5 metres in length (5ft) and caught at a depth of 700 metres (2,300ft) off the resort of Portimao - was considered a rare find.
The shark has a long, slim and a body similar to a snake's.
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Professor Margarida Castro of the University of the Algarve told Sic Noticias that the shark gets its name from its frilled arrangement of 300 teeth, which allows the shark "to trap squid, fish and other sharks in sudden lunges".
In fact, it's so rarely seen, despite being around long before humans, that it wasn't even discovered before the 19th century.
According to researchers, having extra grills, eyes on the side of heads and spineless backfins are some of the specialities of this oldest group of sharks. There is also little footage of the shark in its natural habitat. Experts do not know the representatives of this species well, as they are found in great depths in the Atlantic, as well as near the shores of Australia, Japan and New Zealand.
Samuel Garman, the first researcher to have studied the frilled shark, had reportedly said that the snake-like movements of the frilled shark may have inspired the sea serpent stories of sailors from yore.
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