Asset Acquisitions and Disposals::Announcement Pursuant to Rule 706A of the Catalist Rules

MAGNUS ENERGY GROUP LTD.

(Incorporated in Singapore)

(Registration No. 198301375M)

ANNOUNCEMENT PURSUANT TO RULE 706A OF THE CATALIST RULES

The Board of Directors ("Board") of Magnus Energy Group Ltd (the "Company" and, together with its subsidiaries, the "Group") refers to the announcement dated 11 August 2021 (the "Previous Announcement") in relation to, among others, the striking off and de-registration of its subsidiaries, and wishes to provide an update on the following transactions that occurred during the financial period ended 30 September 2021, pursuant to Rule 706A of the Singapore Exchange Securities Trading Listing Manual Section B: Rules of Catalist ("Catalist Rules").

STRIKING OFF OF SUBSIDIARIES

1. Flagship Ecosystems Pte. Ltd. ("Flagship")
   The Company's dormant subsidiary, Flagship, was struck off on 4 October 2021 from the Register of Companies, pursuant to Section 344A of the Companies Act, Chapter 50 of Singapore.
   The striking off of Flagship is not expected to have any material impact on the consolidated net tangible assets per share or earnings per share of the Group for the current financial year ending 31 December 2021.
2. Mid Continent Equipment (Australia) Pty Ltd ("MEA")

Following the approval of the application for voluntary deregistration of MEA by the Australian Securities & Investments Commission on 30 July 2021, MEA was deregistered on 30 September 2021. The deregistration of MEA is not expected to have any material impact on the consolidated net tangible assets per share or earnings per share of the Group for the current financial year ending 31 December 2021.

BY ORDER OF THE BOARD

Charles Madhavan

Executive Director and Chief Executive Officer

9 November 2021

This announcement has been prepared by the Company and reviewed by the Company's sponsor, Novus Corporate Finance Pte. Ltd. (the "Sponsor"), in compliance with Rule 226(2)(b) of the Singapore Exchange Securities Trading Limited (the "SGX-ST") Listing Manual Section B: Rules of Catalist.

This announcement has not been examined or approved by the SGX-ST and the SGX-ST assumes no responsibility for the contents of this announcement, including the correctness of any of the statements or opinions made, or reports contained in this announcement.

The contact person for the Sponsor is Mr Pong Chen Yih, Chief Operating Officer, at 7 Temasek Boulevard, #18-03B Suntec Tower 1, Singapore 038987, telephone [phone].

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