QFI.L Regulatory News (QFI)

23 September 2021

Quadrise Fuels International plc

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

Utah Project Update

Quadrise, the supplier of MSAR® and bioMSAR™ emulsion technology and fuels, the low-cost, cleaner alternatives to heavy fuel oil and biofuels, is pleased to provide an update on the testing of a produced oil sample taken from the Petroteq Oil Sands Plant ("POSP") from the Greenfield Energy LLC's ("Greenfield") Utah operations team.

An extensive programme of testing on the Greenfield oil sample was completed at the Quadrise Research Facility ("QRF") in Essex on schedule.

The testing programme at QRF has confirmed the ability to produce commercial MSAR® and bioMSAR™ fuels from the sample of heavy sweet oil provided and a report of the testing results has now been issued to the client. Simulations of storage and handling of both MSAR® and bioMSAR™ produced were also completed during the programme which indicate that commercial production of MSAR® and bioMSAR™ fuels would be possible in Utah for potential power and marine end-user applications domestically and internationally.

This testing programme concludes the Proof-of-Concept work that was scheduled in Phase 1 of the Commercial Trial Agreement announced on 18 August 2020 and Quadrise and Greenfield are now in discussions regarding potential future trials and deployment of the technology to produce MSAR® and/or bioMSAR™ fuel at commercial scale.

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

Jason Miles, CEO of Quadrise, said:

"We are pleased to have completed the testing and analysis work during August as scheduled and to be reporting the positive results to Greenfield. We look forward to updating Quadrise shareholders in due course as to the next steps for this exciting low-sulphur MSAR® and bioMSAR™ opportunity in Utah, once agreed with Greenfield and their strategic partners."

For further information, please contact:

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 (as amended), which forms part of domestic UK law pursuant to the European Union (Withdrawal) Act 2018. Upon publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.