The board of directors of Magnus Energy Group Ltd. announced the change in the financial year end of the Company from 30 June to 31 December (the ‘Company's financial year end change’). Following the company's financial year end change, the company's current financial year will end on 31 December 2021, and the next set of audited financial statements will be drawn up for a period of 18 months from 1 July 2020 to 31 December 2021 (‘FY2021’). Thereafter, the financial year of the Company will commence on 1 January each year and end on 31 December each year. The Board is of the view that the Company's Financial Year End Change will enable (a) the Company to align its financial year with that of its key commercially active and operating subsidiary in Indonesia, namely, PT Oriental Magnus Engineering Indonesia (‘PT OMEI’), and (b) the Company's other key operating subsidiary in the United States of America (‘US’), Mid-Continent Equipment Inc., to align its financial year with that of the Company's 99% owned US subsidiary, Mid-Continent Enterprises, LLC (USA) whose financial year ends on 31 December 2021, as well as that of the rest of the Group. This would achieve the purposes of consolidating the overall reporting and audit calendar of the Group more effectively and efficiently.