Final Results

Quadrise Fuels International PLC
31 May 2006


Quadrise Fuels International plc (formerly Zareba plc)
Preliminary Results for the period ended 31 March 2006


Chairman's statement

A New Future In A New Business

The Transition

We have now embarked on a completely new phase in the development of your
Company, Quadrise Fuels International Plc.

Under the direction of the previous Chairman, Brian Moritz, the company prepared
and positioned itself for a reverse take over. On 9 December 2005 the Company
announced that it had entered into a Preliminary Merger Agreement which
subsequently led to the announcement on 23 March 2006 of the detailed terms of
the acquisition of Quadrise International Limited, a specialist fuels processing
and distribution company. The consideration of £45 million was satisfied by the
issue of new shares in the Company and a further £12.9 million was raised
through a limited private placing to enable the Company to meet the acquisition
terms and fund the business plan.

Following the completion of the reverse take over, I succeeded Brian Moritz as
Chairman and my colleague, Bill Howe, took over as Chief Executive Officer.

Dealings in the shares of the company following the acquisition and placing
commenced on 19 April 2006. The market response to our transition into the
energy sector and the associated prospects for our products and services has
been most encouraging.

The MSAR Fuels Business

Quadrise MSAR fuels are a lower cost substitute for the conventional petroleum
fuel oils typically used in steam and power generation.

Our fuels are manufactured from low value heavy residues. The process uses Akzo
Nobel's proprietary emulsification technology secured under an Alliance
Agreement which provides for exclusivity in many major markets.

Worldwide power generation from crude oil sourced fuels consumes around 300
million tons of fuel per annum. The Company aims to become pre-eminent in the
sale of emulsion fuels and, as a mature business, to have secured up to 10% of
this market.

MSAR fuels can also substitute for coal in thermal power generation with
significant environmental benefits and trials have been conducted on MSAR fuels
in diesel engines. The Company owns a patent covering MSAR fuels for turbine
engines and management believe that this application holds considerable promise
for the medium term.

We believe that the range of applications and the market potential represent a
very exciting commercial opportunity and that your 'new' Company is very well
positioned and equipped for a successful entry into the thermal power generation
fuels business.

The New Team

The management team is new to the Company, but not to the energy field or fuels
business.

The Company has adopted an 'outsourced services' model for the first phase of
development which, while reducing fixed costs, provides access to significant
specialised resources and capability. Aside from the call on the specialised
skills and know-how in Akzo Nobel Surface Chemistry AB, engineering and plant
operating services will be sourced from SNC Lavalin under a global frame
agreement.

Bill Howe, our Chief Executive, has over 30 years' experience in the oil, gas
and energy process engineering business - formerly with Foster Wheeler and more
recently with Bateman. He combines expert knowledge in this specialised field
with considerable experience in management, project development and client
relations.

Bill is supported by a professional executive management team with a wealth of
experience in international oil and energy. The team has extensive specialised
direct technical and commercial experience in the production and marketing of
emulsion fuels to the international power generation industry. The services of
highly qualified and uniquely experienced expert consultants has also been
contractually assured.

The Company also has the benefit of two independent non-executive directors who
strengthen the Board and complement the team. Laurie Mutch brings a great deal
of experience of dealing at top level in the international energy and power
industries; Tony Lowrie has a wealth of experience in the international
financial services sector with a spread of relationships and contacts which will
add considerable value, particularly in developing markets. Their advice and
support will be invaluable as the business development programme is progressed.

Masefield Relationship

Masefield Energy Holdings AG ('Masefield'), having assembled the assets and
interests owned by Quadrise International Limited at the time of the reverse
transaction, held 59% of the equity of the Company following Admission to AIM on
19 April 2006.

Masefield was formed to hold the non-trading assets of Masefield AG, the core
business of which is global trading of crude oil and refined oil products.
Quadrise Fuels International Plc represents the 'downstream' (processing and
marketing) interests of Masefield in the heavy oil related business sector.

The Masefield relationship provides assured access to a range of expert services
associated with oil procurement and supply and related transaction financing and
risk management. While dealings with Masefield companies will be on an
arms-length basis, the relationship could reasonably be expected to benefit the
Company.

2006 Programme

The 2006 focus combines securing fuel supply contracts and establishing viable
process locations - with a view to early commissioning of a commercial
demonstration plant within the next 12 months.

In the same period the Company intends to select and secure suitable partners
for effective ventures to supply the thermal power industry in major mature and
developing markets.

Outlook

Your Board believes that the range of applications and market potential of
Quadrise Fuels International Plc represent an exciting commercial opportunity
and that your 'new' Company is well positioned and equipped for a successful
entry into the fuel supply to the thermal power generation industry. We have a
combination of skills, experience, technology and support to take the business
forward into the future with confidence.

Finally, I should like to express my thanks to the Board, our Management and
staff, and our external advisers and consultants, for the support they have
given me over the past months. I look forward to benefiting from their
contributions in the future for the benefit of the Company and all our
shareholders.

Ian R J Williams
Chairman


Chief Executive Officer's statement 

The principal business focus of Quadrise Fuels International Plc is the supply 
of its specialised MSAR fuels to the thermal power generation industry. 

Our vision for the Company is that of a profitable and growing business with 
representation in major world markets and to be acknowledged as the leading 
supplier of oil emulsion fuels for steam and power generation by 2010.  We have 
formulated a suite of strategies to achieve this objective to deliver 
profitable growth.

The Company's margins are more closely associated with price and value spreads 
between light and heavy oils than with the oil price itself.  These spreads 
remain positive.  Lower oil prices may mean that MSAR fuels can also 
economically replace coal in thermal power generation and thus increase our 
potential available market.   

Partnerships and Alliances

We aim to use the strength of our alliance with Akzo Nobel Surface Chemistry AB, 
our access to the world wide engineering and operational capabilities of 
SNC Lavalin and our association with the Masefield Group to identify, secure 
and progress business opportunities. 

An early objective is to form new partnerships and joint ventures with 
associates and partners who can help the Company with both market entry and new 
client relations within our target markets.  In this way we intend to multiply 
the resources applied to identifying and securing clients and viable operating 
bases for the fuels processing and supply chain systems. 

Associate Companies 

The Company holds interests in two independently managed North American 
associate companies, Quadrise Canada Fuels Systems Inc. and Quadrise Fuels US 
LP. 

The Canadian associate has identified the fuelling of steam generation for 
reservoir heating in heavy oil production facilities as a very substantial 
preferred market sector with exciting growth prospects.  It has already made 
substantial progress in the commercial application of MSAR fuels within this 
sector.

The USA associate is in a more formative stage but has been actively progressing 
discussions with potential customers and joint venture partners in its operating 
territory, whilst also preparing for financing to fund its business development 
plan. 

Prospects    

Your Board believes that the Company has a substantial competitive advantage 
in a large global marketplace.  The management team has the skills, experience 
and capability to implement the strategy and deliver the business programme - 
all aimed at growing shareholder value.  We are confident of our ability to 
achieve the Company's objectives of growth, profitability and leadership in the 
medium term. 


Bill Howe 
Chief Executive Officer


Profit and Loss Account
16 month period ended 31 March 2006
                                                               16 month period
                                                                ended 31 March
                                                                          2006
                                                  Note                       £

Turnover                                             1                       -
Administrative expenses                                               (195,602)
Amounts written off investments                                        (84,980)
                                                                    ----------
Operating loss                                       2                (280,582)

Interest receivable and similar
income                                               4                  53,547
                                                                    ----------
Loss on ordinary activities before
taxation                                                              (227,035)

Tax on loss on ordinary activities                   5                       -
                                                                    ----------
Loss for the period                                                   (227,035)
                                                                      ========
Basic and diluted loss per share
(pence)                                                                  (0.15)p
                                                                    ==========

The profit and loss account has been prepared on the basis that all operations
are continuing.

There are no recognised gains and losses other than those passing through the
profit and loss account.

Balance Sheet
As At 31 March 2006
                                                                          2006
                                                                             £
Current assets
Debtors                                                                174,687
Cash at bank and in hand                                             1,235,731
                                                                     ---------
                                                                     1,410,418
Creditors: amounts falling due within one year                         208,973
                                                                     ---------
Net current assets                                                   1,201,445
                                                                     ---------
NET ASSETS                                                           1,201,445
                                                                     =========
CAPITAL AND RESERVES
Called up share capital                                                203,300
Share premium account                                                1,225,180
Profit and loss account                                               (227,035)
                                                                     ---------
Shareholders' funds - equity interests                               1,201,445
                                                                     =========

Cash Flow Statement
Period ended 31 March 2006
                                                                          2006
                                                                             £

Net cash outflow from operating activities                            (185,697)
                                                                     ---------
Returns on investments and servicing of finance
Bank interest received                                                  53,547
                                                                     ---------
Net cash inflow for returns on investments and servicing of
finance                                                                 53,547
                                                                     ---------
Capital expenditure and financial investments
Payments to acquire fixed asset investment                            (109,980)
Proceeds on disposal of fixed asset investment                          25,000
                                                                     ---------
Net cash outflow for capital expenditure                               (84,980)
                                                                     ---------
Net cash outflow before management of liquid resources and
financing                                                             (217,130)
                                                                     ---------
Financing
Issue of new shares                                                  1,583,000
Expenses paid in connection with share issues                         (154,520)
                                                                     ---------
Net cash inflow from financing                                       1,428,480
                                                                     ---------
Net increase in cash in the period                                   1,211,350
                                                                     ---------

Notes to the Financial Statements
Period ended 31 March 2006


1. TURNOVER

The principal activity of the Company was investment holding during the period.

2. LOSS PER SHARE
                                                                          2006
                                                                             £

Loss before taxation                                                   227,035
                                                                   -----------
Weighted average number of shares in issue (basic and diluted)     151,394,426
                                                                   -----------
Basic loss per share (pence)                                              0.15
                                                                   -----------
Diluted loss per share (pence)                                            0.15
                                                                   -----------
3. RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
                                                                          2006
                                                                             £

Loss for the financial period                                         (227,035)
Issue of share capital                                               1,428,480
Closing shareholders' funds                                          1,201,445

4. RECONCILIATION OF OPERATING LOSS TO NET CASH OUTFLOW FROM OPERATING
   ACTIVITIES
                                                                          2006
                                                                             £

Operating loss                                                        (280,582)
Increase in debtors                                                   (174,687)
Increase in creditors                                                  184,592
Impairment loss                                                         84,980
                                                                     ---------
Net cash outflow from operating activities                            (185,697)
                                                                     =========


5. TAXATION
                                                                          2006
                                                                             £

Taxation: current tax charge                                                 -
                                                                     ---------
Factors affecting the tax charge for the period:
Loss on ordinary activities before tax                                 227,035
                                                                     ---------
Loss on ordinary activities before taxation multiplied by standard
rate of UK corporation tax of 30%                                       68,110
                                                                     ---------
Effects of:
Non-deductible expenses                                                 54,128
Tax losses unutilised:
  - UK                                                                  13,892
                                                                     ---------
                                                                        68,110
                                                                     ---------
Current tax charge                                                           -
                                                                     ---------
There is no corporation tax charge for the period due to the losses incurred
during the period.

6. EFFECTS OF TRANSITION TO INTERNATIONAL FINANCIAL REPORTING STANDARDS ('IFRS')

The financial information for the period ended 31 March 2006 has been restated
to comply with IFRS. A summary of the adjustments required is set out below.

                                      UK GAAP           Effect of         IFRS
                                                       transition
                                            £                   £            £

Current assets
Receivables                             8,925                   -        8,925
Cash at bank and in hand            1,211,351                   -    1,211,351
                                    ---------           ---------    ---------

Total current assets                1,220,276                   -    1,220,276
                                    ---------           ---------    ---------

Total assets                        1,220,276                   -    1,220,276
                                    ---------           ---------    ---------
Current liabilities
Other payables                         18,831                   -       18,831
                                    ---------           ---------    ---------

Total current liabilities              18,831                   -       18,831
                                    ---------           ---------    ---------

Total liabilities                      18,831                   -       18,831
                                    ---------           ---------    ---------

Shareholders' equity

Share capital                         203,300                   -      203,300
Share premium account               1,225,180             (20,000)   1,205,180
Profit and loss account              (227,035)                  -     (227,035)
Other equity reserves                       -              20,000       20,000
                                    ---------           ---------    ---------

Shareholders' funds - equity        1,201,445                   -    1,201,445
interests                           ---------           ---------    ---------

Total liabilities and
shareholders'                       1,220,276                        1,220,276
equity                              ---------                        ---------


Adjustment in respect of share based payments

On Admission to AIM on 14 February 2005 the Company granted options to its
professional advisers to subscribe for 9,000,000 ordinary shares at 1p per share
at any time up to the fifth anniversary of Admission. The adjustment represents
the estimated fair value of the services received in consideration for the issue
of other options, measured at the date of grant. The recognition of additional
value in relation to the services received has been set against the Company's
share premium account on Admission.

7.    COMPARATIVE FIGURES

No comparative figures have been included as the Company has not released final 
results prior to this announcement. 

8. COPIES OF ANNOUNCEMENT

Copies of this announcement will be available on the Company's website at 
www.quadrisefuels.com and from the Company's registered office, Parnell House, 
25 Wilton Road, London SW1V 1YD for a period of one month.





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