The Board of Directors ("Board") of Magnus Energy Group Ltd. announced that Mr. Michael Grant Pixley ("Mr. Pixley") has been appointed as the Independent Non-Executive Chairman of the Board. Upon his appointment, Mr. Pixley will be appointed as Chairman of the Board and RC, and a member of the AC and NC with effect from 6 August 2020. Mr. Winston Milner ("Mr. Milner") has been appointed as the Independent Non-Executive Director. Upon his appointment, Mr. Milner will be appointed as the Chairman of NC and a member of the AC and RC with effect from 6 August 2020. Consequent to the above mentioned changes, the composition of the Board and Board Committees of the Company shall be reconstituted as follows with effect from the date of the respective appointments: Board of Directors: Mr. Michael Grant Pixley (Independent Non-Executive Chairman); Mr. Charles Madhavan (Executive Director and Chief Executive Officer); Mr. Farooq Ahmad Mann (Independent Non-Executive Director); Mr. Winston Milner (Independent Non-Executive Director). Audit Committee: Mr. Farooq Ahmad Mann (Chairman); Mr. Michael Grant Pixley (Member); and Mr. Winston Milner (Member). Nominating Committee: Mr. Winston Milner (Chairman); Mr. Farooq Ahmad Mann (Member); and Mr. Michael Grant Pixley (Member). Remuneration Committee: Mr. Michael Grant Pixley (Chairman); Mr. Farooq Ahmad Mann (Member); and Mr. Winston Milner (Member).