Sept 10 (Reuters) - Indus Energy NL IND.AX :
* Due diligence process identified material uncertainty with regard to the conditions precedent in the term sheet
* Says board has been actively reviewing several other acquisition opportunities in both the oil and gas and other sectors
* Agreement on a path forward has not been reached and both parties have decided to terminate the agreement contemplated by the term sheet
* Says "has preserved its strong cash position and reduced all corporate and other overheads to a minimum"
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