The Board of Directors of Magnus Energy Group Ltd. announced that Dato' Kunalbir Singh Chahl has ceased to be the Independent Non-Executive Director of the Company with effect from 29 April 2022. Following his cessation, he will also cease to be the Chairman of the Audit Committee ("AC") and a member of the Nominating Committee ("NC") and Remuneration Committee ("RC") on 29 April 2022. The company also announced that Mr. Chan Choo Onn ("Mr. Chan") is appointed as the Independent Non-Executive Director of the Company with effect from 29 April 2022.

Following his appointment, he will also be appointed as the Chairman of the NC and a member of the AC and RC on 29 April 2022. For the time being, Mr. Chan will also be appointed as acting Chairman of the AC. Consequent to the foregoing, the composition of the Board and Board Committees of the Company shall be reconstituted as follows with effect from 29 April 2022, Board of Directors: Mr. Michael Grant Pixley (Independent Non-Executive Chairman); Mr. Chan Choo Onn (Independent Non-Executive Director); Mr. Charles Madhavan (Executive Director and Chief Executive Officer).

Audit Committee: Mr. Chan Choo Onn (Acting Chairman); Mr. Michael Grant Pixley (Member). Nominating Committee: Mr. Chan Choo Onn (Chairman); Mr. Michael Grant Pixley (Member). Remuneration Committee: Mr. Michael Grant Pixley (Chairman); Mr. Chan Choo Oon (Member).