Statement re MSAR Licensing

17 June 2020

Quadrise Fuels International plc

("Quadrise", "QFI", the "Company" and together with its subsidiaries the "Group")

Statement re MSAR® Licensing

Quadrise Fuels International plc (AIM: QFI), notes the announcement released by TomCo Energy plc ("TomCo") this morning which included a reference to the purported existence of a right to an exclusive licence for the use of Quadrise's MSAR® technology in Utah, USA.

As previously noted in the Company's half-yearly report, Quadrise has been working with Valkor Technologies LLC ("Valkor") under a memorandum of understanding to investigate the potential deployment of MSAR® technology on sweet heavy and paraffinic oil deposits in Utah, USA.

The Company is pleased to confirm that its evaluations with Valkor in this regard are progressing well and that both parties continue to believe that the use of MSAR® technology can add significant value to the development of sweet heavy oil deposits in Utah. The Company welcomes additional discussions in this regard which, if concluded successfully, could lead to the granting of a conditional licence on commercial terms to Valkor.

However, at this stage, no licences or rights to licences for the use of MSAR® technology have been granted to Valkor for hydrocarbons produced from oil sands in Utah, USA or for any other purpose and Quadrise has not had any direct discussion with TomCo or any of Valkor's partners in Utah to date.

Further announcements will be made, as appropriate, in due course.

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, industrial and refining industries.