Utah Project Update

4 August 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, which are low-cost, cleaner alternatives to heavy fuel oil and biofuels, is pleased to provide an update on the arrival of a produced oil sample from Greenfield Energy LLC's ("Greenfield") Utah operations.

Quadrise has now received, at the Quadrise Research Facility ("QRF") in Essex, three drums of oil sample from Greenfield. The sample of produced oil was taken by Greenfield from the Petroteq Oil Sands Plant ("POSP").

An extensive programme of testing on the sample received will now commence at QRF, which we expect to complete by the end of August 2021. The ability to produce commercial MSAR® and/or bioMSAR™ fuels from the produced oil will be informed by the outcome of this testing programme, together with the confirmation of the suitability of the produced oil (via external laboratory assay) for the potential power and marine end-user markets.

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

Mike Kirk, Chairman of Quadrise, said:

"We are pleased that we have now received the sample from Utah and we look forward to completing the testing and analysis work during August and to reporting the results to Greenfield and to updating Quadrise shareholders in due course."

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