Magnus Energy Group Ltd. announced resignation of Chan Choo Onn as Independent Non-executive Director. Role And Responsibilities: Independent Non-Executive Director, Chairman of Nominating Committee and member of Audit and Risk and Remuneration Committees. Other DirectorShips Present: Mallet & Chisel Pte Ltd. (Since 2021).

Reason For Cessation: Mr. Chan has decided to resign as Independent Non-Executive Director of the Company as he had made a commitment at the outset when he joined the Company to serve for a period of 12 months ending with the fiscal year 2022 AGM. Additionally, he may be joining another company in an advisory capacity and possibly serving on its board of directors. Based on its enquiries, the Company's sponsor, Novus Corporate Finance Pte.

Ltd., after having interviewed Mr. Chan 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. Chan as the Independent Non-Executive Director.