Indus Energy (ASX:IND) has appointed company secretary Jonathan...

Indus Energy (ASX:IND) has appointed company secretary Jonathan Whyte as a non-executive director of the company.

This follows Marcus Gracey stepping down from his position as a non-executive director with effect today.

Indus was finalising a joint operating agreement with the Cree Nations Chiefs to farm in to 82,290 acres of Cold Lake oil sands in Alberta, Canada.

The aim had been to conclude these negotiations as soon as possible.

In late June, Indus said it was reluctant, particularly in the current market of depressed oil prices, to commit the company and its funds to the partnership with the Cree Nations until it is confident that the JOA project economics are suitably attractive to warrant such investment.

In addition, Indus noted that the due diligence process, which is still ongoing, has identified some uncertainty with regard to the oil and gas rights currently held by Keyano Pimee Exploration Company.

Indus is seeking clarification and confirmation that free and clear title exists on some of the oil rights to which the JOA contemplates.

The company said it is still working through this matter but this has led to the stalling of the negotiation process that Indus was undergoing.

It is also reviewing two potentially attractive acquisition opportunities in the oil and gas sector with a view to engaging in more complete due diligence.

Indus has maintained a healthy cash position and reduced all corporate and other overhead to a minimum.

This includes reduction of the managing director's fees for the quarter to levels commensurate with non-executive director fees, the chief operating officer is not charging any fees and the company is rationalising all other discretionary expenditure.

Indus had a very low burn rate for the June quarter which it aims to maintain until such point as the company is fully engaged in operational activity.

The company had $1.86 million in cash and security as at 30th June 2015.