The Board of Directors ("Board") of Magnus Energy Group Ltd. announce that the Audit Committee of the Company has been renamed to the Audit and Risk Committee with effect from 11 November 2022 to better reflect the additional scope and responsibilities of the Committee in assisting the Board to oversee the risk management of the Company. The composition of the Audit and Risk Committee remains the same as the composition of the Audit Committee before the renaming, and is as follows: Audit and Risk Committee: Mr. Budi Rahardjo (Chairman); Mr. Michael Grant Pixley (Member); Mr. Chan Choo Onn (Member).