of Earth Sciences Executive Research Agreement Signed Between Khazar Oil Company and the Research Institute

Signing of the Executive Agreement for the Research Project Between Khazar Oil Company and the Research Institute of Earth Sciences on January 5, 2026 (15 Dey 1404)

This executive agreement was signed and exchanged for the implementation of the research project entitled "Application of Advanced Technologies for Producing Exploration Maps in the Onshore Sector of the South Caspian Basin."

The main objectives of the project, which was entrusted to the Earth Sciences Research Institute in view of the valuable experience of its faculty members in developing geological mapping systems, are as follows:

• Establishing a database of all modern methods for producing geological maps, with particular emphasis on maps specifically used in oil and gas exploration.

• Evaluating geological exploration mapping methods in order to analyze and identify the best approaches in terms of accuracy, precision, operational efficiency, time efficiency, and cost efficiency.

• Selecting and localizing an optimal modern method for producing exploration-oriented geological maps.

• Evaluating the application of artificial intelligence to improve the accuracy, precision, speed, and methods of geological survey and exploration map production.

• Preparing several geological maps using the selected methods for the onshore sector of the South Caspian Basin in Mazandaran and Golestan Provinces.

• Testing the accuracy and precision of the geological maps produced under the supervision of the client.

• Summarizing the results and preparing technical documentation for an optimized method of producing exploration geological maps and the related scope of services.

Representing Khazar Oil Company at the agreement signing meeting were Dr. Mohammad Hossein Daneshfar (Chief Executive Officer), Dr. Sajjad Pourolhosseini (Head of Research and Technology), Dr. Farid Taati (Head of the Geology Department), Dr. Malek Mohammad Giti (Exploration Manager), Mehrdad Akbari, Iraj Mirhosseini, Davoud Kermani, Ali Khavasfar, and Khati Deyrabadi (Members of the Board of Directors), Saeid Sajedi (Acting Head of Investment and Opportunity Identification), Amirhosseini Refati Alashti (Head of Health, Safety and Environment), together with a number of other managers.

Representing the Earth Sciences Research Institute were Dr. Razieh Lak (President of the Institute), Dr. Mahmoudreza Majidifard (Deputy for Administrative Support and Research Affairs), and Dr. Mohammadreza Ghasemi (Faculty Member of the Institute and Principal Investigator of the project).

At the end of the meeting, it was agreed that, considering the considerable time that had elapsed between the submission of the proposal and the signing of the agreement, the implementation of the project should be pursued and commenced as soon as possible through the cooperation of both parties. The project duration has been estimated at 36 months, and it is hoped that, through the joint efforts of the Earth Sciences Research Institute and Khazar Oil Company, the project will be completed within a shorter period.