MOU and MSAR® Test Programme

28 November 2018

Quadrise Fuels International plc

("Quadrise", "QFI" or the "Company")

Memorandum of Understanding and MSAR® Test Programme with a European Oil Major

The Company is pleased to announce it has signed a Memorandum of Understanding ("MOU") and MSAR® Pilot Test Programme ("MTP") with a European multinational integrated oil and gas company (the "Major").

Further to the MOU, Quadrise and the Major intend to work together to discuss, promote and develop specific business development opportunities to identify potential MSAR® clients for one of the Major's European refineries (the "Refinery"), to develop a focused high level MSAR® fuel market assessment for the Refinery and to pursue and obtain a feasibility study agreement from a potential MSAR® fuel client for the consumption of MSAR® produced at the Refinery during 2019.

Under the MTP, Quadrise will be undertaking testing of specific Refinery residues for the Major at the Quadrise Research Facility  during early 2019 on a paid basis to demonstrate and optimise the blending of Refinery residues to MSAR® fuel.

Commenting on this development, Mike Kirk, Executive Chairman of QFI, said:

"We are delighted to have developed our relationship with a European multinational integrated oil and gas company and are confident that with the combination of Quadrise's MSAR® technology and fuel experience, and the client's world-leading downstream operations, trading and logistics capabilities, we will be able to successfully define and progress this potential MSAR® supply project jointly."

For further information on QFI, please refer to the Company's website at www.quadrisefuels.com, or contact [email protected] or phone:

Notes to Editors

QFI is the supplier of MSAR® emulsion technology and fuels, a low-cost alternative to heavy fuel oil (one of the world's largest fuel markets, comprising over 450 million tons per annum) in the global power generation, shipping, steam and refining industries.