Monte Oro Resources & Energy, Inc. (MOREI) has projects in oil and gas, mining, and solid waste management, both locally and abroad.
MOREI is a wholly-owned subsidiary of APX.
Mining
Paracale Gold Project
MOREI wholly owns Paracale Gold Limited (PGL) — an Isles of Man company.
PGL, in turn, wholly owns Coral Resources Philippines, Inc. (CRPI) and has a 40% interest in Bulawan Mineral Resources Corporation (BMRC).
PGL’s mine project is located in Jose Panganiban and Paracale, Camarines Norte. BMRC handles 8 tenements directly and through Royalty with Purchase Agreement. The tenements are in various stages of application. CRPI is the owner/operator of a mineral processing plant.
PGL allows the conduct of small-scale mining through a Minahang Bayan involving the Mambulao Miner Mining & Quarrying Services (MMMQS) as proponent.
In 2022, PGL continued working on the processing and approval of pending exploration permit applications.
Mongolia Project
In 2022, the Khar At Uui Gold Project in Mongolia remained under continued care and maintenance.
The Khar At Uui Gold Project is registered under the joint venture company Erdeneminas LLC, 51% of which is owned by Minas de Oro Mongol LLC (Minas), a wholly-owned subsidiary of MOREI, and 49% by Erdenejas LLC, a Mongolian exploration company.
An interested investor signified their interest to take over the joint venture company but as of November 2022, Erdenejas has not given feedback on this said investor.
Sierra Leone Project
The Gori Hills project located in the Republic of Sierra Leone in West Africa is owned by MOREI through Monte Oro Mining Co., Ltd. (MOMCL) which holds the tenements for the project and MORE Minerals SL (MMSL), previously engaged in artisanal mining and gold trading.
Following the revocation of the tenement license in 2021 and the subsequent awarding of the concerned tenement to another company in 2022, MOREI was offered another area in the Tongkalili district.
MOREI has an interest in Gold Mines of Uganda Ltd. (GMU) in the form of advances made to this company. GMU owns significant gold related assets and gold resources in Uganda. GMU and MOREI has a Memorandum of Agreement whereby both parties agree to combine their mineral interest in Africa and work towards creating a mining company that will be listed and marketed to international investors, and to enable GMU raise capital funding through the listing. While the MA was not consummated by both parties in 2021, GMU Ltd Shares Certificate #10 of 44,680,000 Ordinary Shares of USD 0.001/share were issued to the name of GCM Nominees Ltd. in 2022. GCM Nominees Ltd. issued a Declaration of Trust confirming it holds 16,810,000 shares for MOREI. The LME listed shell company underwent the listing in accord with the signed HoT (which has a timeframe to raise fund by Jan 2023).
Oil and Gas
Service Contract 72
MOREI has a 30% participating interest in Service Contract 72 (SC 72), a service contract for gas located in the West Philippine Sea covering the Sampaguita offshore gas field northwest of Palawan. Forum (GSEC 101) Ltd. (Forum) holds the remaining 70% participating interest and is the operator of the SC.
In the first quarter of 2022, the consortium embarked on meeting the deadline for the drilling operations. Preparations were underway, including the ordering of long lead items and the mobilization of geophysical ship for site survey purposes. However, in mid-April 2022, the activities had to be stopped upon orders of the government, again due to geopolitical issues involving the area.
Solid Waste Management
International Cleanvironment Systems, Inc.
MOREI owns 52% of International Cleanvironment Systems, Inc. (ICSI) which has a Build-Operate-Transfer contract with the Philippine government through the DENR to manage, rehabilitate and introduce ecologically friendly technologies for waste disposal, recycling and energy generation. This agreement is yet to be put in operation.
ICSI was the subject of an agreement to sell between MOREI and A. Brown Co., Inc. (ABCI) whereby MOREI shall sell its 52% ownership in ICSI to ABCI payable within 12 months and which was further extended to May 31, 2021. In 2021, this agreement expired without materializing.