Dune Oil

08/31/2026

Three things are set to happen on this oil block in the next six months. The last one is first production.

Block M47 sits in southeast Türkiye's Cudi-Gabar oil province. It already holds an independently appraised light-oil discovery, in a country that imports over a million barrels of oil a day and produces only a fraction of that at home.

Sound. Crews fire seismic waves through the block to map faults and oil traps underground, so every well targets a mapped structure, not a hunch.

Iron. Before the year is out, the plan calls for the drill bit to turn again, on the targets where the new data ranks highest. Next door, roughly 100 wells already produce from the same light-oil trend.

The payoff. First production at the block is targeted for the end of 2026 or early 2027.

Sound, iron, oil. That is the calendar.

💬 Comment "DUNE" and we will send you the full M47 breakdown.

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27.6 MMbbl is a 2C contingent resource, not reserves, independently evaluated by Chapman Petroleum, effective 31 December 2025, net to Dune Oil's 29% working interest. No certainty of commercial recovery. Forward-looking; see SEDAR+.

08/27/2026

Dune Oil has strengthened its leadership team ahead of the Çetinkaya-1 re-entry and the next phase of work across the M47 Oil Block in SE Türkiye.

Neil Maedel joins the Board of Directors, bringing more than 45 years of experience across capital markets, investment banking, and the international resource sector.

He previously founded Zurich-based ProTrader Finanz AG and served as Director of Business Development for Manas Petroleum, where he raised more than US$250 million through equity financings and asset farm-outs.

Jordan Coleman has been appointed Chief Operating Officer, bringing over 18 years of international operations and drilling experience across the United States, Chad, Argentina, and Paraguay.

Most recently, he served as COO of CG International, where he was part of the executive team that activated four producing wells in Chad with production potential exceeding 5,000 barrels of oil per day. He previously held engineering and operational roles with Schlumberger Well Services and President Energy PLC.

Scott Lower, President since the M47 farm-in and the day-to-day driver of Dune’s corporate strategy and financing, has been appointed Chief Executive Officer.

Sean Stofer, who served as Interim CEO through the transition, continues to provide leadership and board continuity as Chairman.

The Company’s 2026 Annual General Meeting will be held on Monday, November 16, 2026.

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08/26/2026

What's standing between Dune Oil and its first cash flow? One flow test.

The C1 well on Block M47 is already drilled. Cement it, perforate it, flow it, and 27.6 million barrels (2C, net to Dune) start converting into reserves.

President Scott Lower expects to test it within the next two to three months.

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08/25/2026

Çetinkaya-1 logged 38.0 m of net oil pay in 76.6 m gross.

Çetinkaya-2 confirmed the same 32.4° API light oil in 2025.

Both wells sit inside Block M47, in Şırnak Province, southeastern Türkiye.

The drilling on the Cudi-Gabar trend now runs right up to the block perimeter, where TPAO is working with roughly 40 rigs against a location inventory of about 140 wells.

The block carries a 27.6 MMbbl 2C contingent resource, net of Dune's 29% working interest, independently evaluated.

Its North prospect carries an unrisked NPV-10 of US$733.5 million.

BOTAŞ has run a line west to the Mediterranean coast, and first production from Block M47 is targeted for late 2026 or early 2027.

🇨🇦 CSE: DUNE 🇺🇸 OTCQB: TRLEF 🇩🇪 FSE: Z62

08/20/2026

Dune Oil presented the Gabar Block at the 31st EnerCom, Inc. Denver Energy Investment Conference this week, a three-day event of company presentations and one-on-one meetings that brought North American energy operators, investors, and analysts together in Denver.

President Scott Lower presented on August 19, outlining the conceptual development plan for the North Field: 82 wells in the 2C case at an initial rate of 800 barrels per day per well, against a 27.6 million barrel 2C contingent resource net of Dune's 29% interest.

On those modelled assumptions, the plan carries an unrisked NPV-10 of US$734 million and a risk-adjusted NPV-10 of US$594 million at an 81% chance of development.

Vice President and General Manager Burak Tolga Terzi joined in Denver for investor meetings and sessions with operators from across the region.

Re-entry of the Çetinkaya-1 discovery well is planned for later this year, and the 40-kilometre 2D seismic program is moving to contract award.

Thank you to the EnerCom team for hosting an excellent conference.

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08/19/2026

Closeology, in one photograph.

The rigs on the ridge are the Mig oil field, reported at around 9,000 barrels of oil equivalent per day. Dune Oil's Çetinkaya-1 well sits on the slope in front of them, on the same trend, targeting the same Mardin and Beloka carbonates.

Çetinkaya-1 has already confirmed 32.4 degree API light oil across 38 metres of gross pay. Re-entry for production testing is planned later this year.

The oil is proven all around this block, and the same rocks run straight through it.

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08/17/2026

Oil production in the Cudi-Gabar region has gone from almost nothing to over 80,000 barrels per day in four years.

Türkiye still imports close to 90% of the oil it consumes, an estimated 60 to 70 billion dollars a year leaving the economy.

Dune Oil holds a 29% working interest in Block M47, in the middle of that province. Two wells have confirmed light oil, and the North discovery carries an unrisked NPV-10 of US$733.5 million on a 27.6 million barrel 2C contingent resource, net to Dune.

Next is re-entry of the discovery well, followed by development of the northern field and an exploration well near the South Lead.

Comment GABAR, and we will send you the report.

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08/14/2026

Dune Oil's 40-kilometre seismic program is moving toward contract award.

Prospective contractors walked the Gabar Block in southeastern Türkiye on July 29 and 30 with the Company's technical and operations teams and its partners, completing the technical basis for the tender.

The program is expected to improve subsurface imaging across the block and refine exploration targets, with the next drilling locations to be announced upon completion.

Dune Oil also presents at the 31st EnerCom Denver Energy Investment Conference on August 19.

https://duneoil.ca/news/dune-oil-completes-contractor-site-visits-at-gabar-block

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08/11/2026

Dune Oil is advancing the work program on its Gabar oil discovery in southeastern Türkiye. The Çetinkaya-1 discovery well is set to be re-entered later this year for production testing, and a 40-kilometre 2D seismic tender is expected to be finalized by September ahead of further drilling.

The new seismic is expected to generate four to six additional drillable locations, with the Company's next drilling locations to be announced on completion.

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Dune Oil is pleased to advance its oil block discovery in the Gabar petroleum province of southeastern Türkiye.

08/05/2026

Five years ago, this stretch of Southeast Türkiye was undiscovered ground.

Since then: seven oil fields found, and the fairway is now producing roughly 80,000 barrels a day.

Dune Oil holds a discovery right in the middle of it. Block M47 carries 27.6 million barrels of contingent resource (2C, net to Dune), and the play is still opening up.

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