Indus Energy (ASX:IND) remains well funded as its experienced board actively reviews several acquisition opportunities in the oil and gas and other sectors.
It has also reduced all corporate and other overheads to a minimum while this process is underway.
The company is chaired by Gus Simpson, the executive chairman of Peninsula Energy (ASX:PEN) that is set to start uranium production in October 2015, and led by Anthony Milewski, who has extensive experience in the energy and resource industries.
In addition, chief operating officer Ken Bull has over 30 years international experience in the oil and gas sector.
Indus has now terminated an agreement with Keyano Pimee Exploration Company Limited relating to a farm in to oil sands properties located in the Cold Lake region of Alberta, Canada.
Due diligence identified material uncertainty with regard to the conditions precedent in the term sheet, leading to the mutual agreement.
The company had $1.86 million in cash and security deposits as at 30th June 2015.
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