Dune Oil

Focusing on the exploration, production, and distribution of oil & natural gas in Turkiye and Europe

10/30/2026

Dune Oil is moving its M47 light oil discovery in southeast Türkiye toward well testing and first production, and has arranged a financing of up to C$8.3 million to fund the next steps.

Research Capital Corporation is leading the deal with a syndicate that includes Canaccord Genuity.

The work program includes re-entering the C-2 well to deepen and test it, drilling a sidetrack from the C-1 discovery well, and shooting about 40 km of new seismic across the North discovery and the South prospect.

After the financing, Dune expects positive working capital and a funded 12-month work program.

Debenture holders and management converted debt into shares at $0.15, a 50% premium to the $0.10 offering price. Those shares would make up 39% of the company after a fully subscribed financing and come out of escrow in stages over 36 months.

M47 sits in Türkiye’s fastest-growing oil region, where Gabar production went from virtually zero to 83,300 barrels a day in five years.

https://mailchi.mp/duneoil.ca/dune-oil-announces-8-million-brokered-life-offering-to-advance-flow-testing-and-production-operations-on-block-m47

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10/28/2026

Dune is pleased to announce the appointment of Allan Albertson, P.Eng., and Dean Casorso, MBA, CET, as technical advisors to support the evaluation and planning of potential well re-entry, completion, and production operations on the Company’s M47 oil exploration block in southeastern Türkiye.

The advisors will initially focus on evaluating and planning potential re-entry and completion programs for the Çetinkaya-1 ("C-1") and Çetinkaya-2 ("C-2") wells.

Their work will also consider approaches to assessing reservoir deliverability, managing water, and evaluating commercial production potential.

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10/23/2026

Three quarters of the ground around Dune’s light oil discovery in Türkiye has never been imaged. That unmapped ground is where the next drilling locations have to come from.

The seismic program has started on Block M47. Small nodal recorders will go into the ground across three priority areas over about six weeks, and the echoes will draw the folds and faults that trap oil.

The survey is meant to produce a list of drilling locations. The company expects several more exploration drilling locations in the South Lead area, plus development locations around the discovery in the North Lead, with new locations announced in both once the data is interpreted.

Independent engineers put Dune’s share of the North Prospect at an unrisked NPV10 of US$734 million on a 2C contingent resource, net to Dune’s 29% earn-in working interest, effective 31 December 2025 and not a reserve, with an 81% chance of commerciality. The survey is expected to lay out the development locations that case needs.

Once interpreted, the results will set out Dune’s drilling programs for 2027.

Çetinkaya-1 recovered light oil on swab test and logged 38 metres of net pay. It has not been flow tested. Its re-entry later this year is for testing, subject to funding and operations.

Full briefing: link in bio.

Footage: Dune Oil, DHA, TPAO, Sercel, STRYDE, INOVA, AGS.

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10/21/2026

The Çetinkaya-1 well on Block M47 found light oil, 32.4° API, with 38 metres of net pay. Light oil is easier to transport and refine.

M47 now holds "a discovered accumulation," not "simply a geological prospect," says Tolga Terzi, Dune's GM in Türkiye.

Next, Dune's seismic programme looks at what else the 450 square kilometre block holds.

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10/20/2026

M47's North discovery is almost ready to become a development, and the plan starts with two wells that are already drilled.

Dune CEO Scott Lower walked Stockhouse through it in a sponsored interview. First, Dune goes back into both existing wells. Then it fine-tunes how wells are drilled and completed, with the aim of getting production started on the north block.

Dune does not produce oil yet. Those two wells are where the development case gets tested.

Watch Scott walk through the plan.

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10/14/2026

Someone else recently made a discovery about 500 metres east of M47's block line, next to Dune's South Lead, a part of M47 nobody has ever drilled.

The find sits just east of the block line. Dune CEO Scott Lower said in a sponsored interview with Stockhouse that it changed how the company rates the area.

The new seismic is going there too. M47 already has one discovery, in the north. The South Lead is where Dune is looking for a second.

Watch Scott explain it.

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10/08/2026

Every oil project carries three big risks. At M47, the first one has already shrunk.

Tolga Terzi, who heads Dune in Türkiye, says the discovery "has significantly reduced geological risk." Nobody is asking anymore whether the oil is there.

The other two are next. "Now the job is to reduce development and commercial risk," he says.

That means showing the oil can come out commercially, well after well. Prove that, and some of M47's 27.6 million barrels of 2C contingent resource, independently evaluated and net to Dune's 29% working interest, could start moving toward reserves.

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10/07/2026

December Brent settled at US$102.25 on October 2. Dune's M47 plan is built on US$72 oil, where the company estimates a new development well would pay back in about two months.

At US$65 Brent, Dune estimates about US$44 a barrel would be left after royalty, operating and trucking costs.

The Çetinkaya-1 re-entry planned for later this year includes production testing, which is expected to give the first measured well rates. Company estimates; M47 is pre-production.

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10/06/2026

Only about a quarter of Block M47 has seismic coverage today. Dune's 40 km 2D programme covers three priority exploration areas and is expected to add four to six drillable locations.

"The $3 million is to complete the seismic, which will allow us to move forward on two of the prospective fields on the property," says CEO Scott Lower.

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09/28/2026

Picture 450 square kilometres of southeast Türkiye. One well on it has already found oil.

That's Dune's M47 block, and the well is Çetinkaya-1. "We already have oil in the block," says Tolga Terzi, who runs Dune in Türkiye.

Most of the block is still relatively unexplored. But the search now starts from a discovery. New seismic is planned to show where the next wells go.

Watch Tolga, VP and General Manager of Dune Oil explain it.

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Suite 700-838 West Hastings Street
Vancouver, BC
V6C0A6

Website

https://duneoil.ca/

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