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August 2012 - IEV Holdings Limited has entered into a term sheet agreement with a potential investor for the funding of the Kerjasama Operasi (“KSO”) also known as the “Operation Cooperation” program (the “Award”) of the Pabuaran Block on 14 August 2012. Due diligence of the Block will now commence and it is expected to be completed within September 2012. The final decision on the investment and its details will be announced with the signing of the Sales and Purchase Agreement by both parties, subject to successful due diligence by the Investor.