Correct to the best of my knowledge as of 13th April 2018 checked on official websites but not in person.
I have had comments and feedback from users. The information is included below.

This is a minibus connecting Lagoa, Carvoeiro, Ferragudo and various tourist resort areas nearby. It is NOT operated by the main company EVA, their tickets are NOT VALID.

Details are on their website. The service runs "every 30 minutes approximately" - their words not mine.
It is apparently operated between 1000 and 2200 in summer, until around 1800 at other times of the year.
There is no timetable information on their website. If you can help, please email me here.

You may wish to read this very useful information supplied by ´Jörg'.

Tickets - €6 for 12 hours, €10 for 24 hour ticket or €15 for 48 hours.  Purchase tickets from the driver. There are no 'single' trip tickets.

CLICK HERE FOR THE TIMETABLE OF THE EVA BUS BETWEEN LAGOA, CARVOEIRO AND PRAIA DO CARVALHO

ROUTE MAP - GEOGRAPHICAL  - click to see full size - big file!
Stops are numbered in sequence thanks to Kevin for this.
The stop in Lagoa called 'Piscinas Sports Hall' is the town swimming pool next to the Bus Station.
Note that there is no longer a direct journey between Carvoeiro to Ferragudo in that direction.

STOPS DIAGRAM

Note three stops in Lagoa -  at Largo da Igreja (Church Square) in Lagoa, which is about 500 metres from the bus station where 'normal' buses stop, by the town.
The stop called 'Piscinas  - Sports Hall is much closer to the bus station. I do not have the exact location of the 'market' stop in Lagoa. Thanks to Jörg for the map.



ADDITIONAL INFORMATION SUPPLIED BY JÖRG

Information in this section was contributed in March 2017.  I have been unable to check all of it. Any contributions from 2018 gratefully received - email me here

At that time the Rota das Falesias was operating with two buses which effectively meant a bus coming about every 45 minutes.
Below is the 'winter' timetable for the two buses, one starting in Lagoa going to Carvoeiro, the other one in Carvoeiro going to Ferragudo.  Click to  see full size


They were pretty much on time within about 5 minutes delay max.
 I assume during high season they may operate with three buses which would result in a more frequent schedule every 30 minutes. (This appears to be correct.)

SESMARIAS STOP



Notes about other stops:

In Carvoeiro the same stop is used for buses in both directions (main square at the beach), If not sure ask the driver if buses go to Praia do Carvalho or to Sesmarias.

FERRAGUDO

The Rota das Falesias stop is across the little canal from the EVA stop and about 5 minutes walk from the water taxi stop. Click or tap map for larger size



The bus at the stop in Ferragudo, Largo do Regato



PRAIA DO CARVALHO STOP

Praia do Carvalho: buses don't stop at the beach but in the luxury resort Club Atlantico (close to the tennis courts). It's about a 10 minute walk to/from Praia do Carvalho.



Vale de Milho stop is also a bit away from main road and the bus stopped only in one direction towards Carvoeiro, but not from Carvoeiro to Praia do Carvalho.

If you are tempted by the Praia do Carvalho, please read below.
Access to the beach is 150 steep steps down from the road (and of course 150 steps back up) and the last 20 of those are through a little tunnel bored through the rock.