Memorandum of Agreement with European Oil Refiner

Quadrise Fuels International plc

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

Memorandum of Agreement with a European Oil Refiner

Quadrise is pleased to announce it has signed a Memorandum of Agreement ("MOA") with a European oil refiner that is part of an international integrated oil and gas company.

Under the MOA, Quadrise and the counterparty will work together to evaluate and develop, through a structured evaluation process, a potential MSAR® project at one of the counterparty's refineries. The MOA covers the proof of concept and scoping phases, with subsequent phases once defined, such as feasibility, application testing, trial and commercial implementation being covered by specific agreements, as required, in due course.

Under the MOA, Quadrise will continue to test specific refinery residue samples as provided, at Quadrise Research Facility, UK, during the third quarter of 2019, with early stage work on the residues received having already commenced.

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

"We are pleased to sign this MOA and we look forward to jointly developing the project to maturity and delivering on the substantial economic and environmental benefits that MSAR® can provide.

For further information, 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.

This announcement is inside information for the purposes of Article 7 of EU Regulation 596/2014.