Magnus Energy Group Ltd. announced the cessation of Budi Rahardjo as Independent Non-Executive Director. Role And Responsibilities: Independent Non-Executive Director, Chairman of Audit and Risk Committee and member of Nominating and Remuneration Committees. Job Title: Independent Non-Executive Director, Chairman of Audit and Risk Committee and member of Nominating and Remuneration Committees.

Other DirectorShips Past: PT Elnusa, Tbk (2015 to 2018) PT Elnusa Petrofin (2016 to 2019) PT Patra Nusa Data (2017 to 2020). Reason For Cessation: Mr. Budi Rahardjo (‘Mr. Rahardjo') has informed that he will be retiring as an Independent Director of the Company pursuant to Regulation 83 of the Company's Constitution. Accordingly, he shall be retiring at the conclusion of the Company's upcoming Annual General Meeting and stepping down as Chairman of Audit and Risk Committee, Member of the Nominating Committee and Member of Remuneration Committee.

Mr. Rahardjo has decided to resign and not stand for re-election as an Independent Director of the Company after the conclusion of the Fiscal Year 2022 AGM because he has found it increasingly challenging to make any positive contributions, under the current circumstances. The Company would like to express its gratitude and appreciation towards Mr. Rahardjo's valuable contributions to the Board during his tenure. Based on its enquiries, the Company's sponsor, Novus Corporate Finance Pte.

Ltd., after having interviewed Mr. Rahardjo and to the best of its knowledge, is satisfied that, save as disclosed in this announcement, there are no other material reasons for the cessation of Mr. Rahardjo as the Independent Non-Executive Director.