Dune Oil (DUNXF) appointed Allan Albertson and Dean Casorso as technical advisors to evaluate potential well operations on its M47 block.
The initial focus is planning potential re-entry and completion programs for the Çetinkaya-1 (C-1) and Çetinkaya-2 (C-2) wells in southeastern Türkiye. C-1 encountered 32.4° API light crude oil when drilled in 2025, but previous drilling experienced lost circulation, or drilling-fluid losses into the formation. The advisors will assess well conditions, completion methods, reservoir performance and water management, and support preliminary cost estimates. Their recommendations will inform evaluation of potential operations with local operating partners. Dune holds a 29% working interest in M47.
Dune Oil (DUNXF) announced a planned conversion of C$14 million in convertible debenture obligations into common shares, eliminating those obligations upon closing. Settlement is expected on or about October 27, 2026, through issuance of 93,333,334 shares at C$0.15 each. The settlement covers principal and interest on legacy 12.0% debentures, with remaining amounts forgiven.
The CSE approved a hardship exemption allowing settlement without shareholder approval, based on a pre-settlement working capital deficit and near-term cash needs. Payments include US$4.1 million for the M47 work program by November 15 and C$1 million to a creditor by November 30, 2026. Outstanding shares will rise to 163,569,062, leaving existing shareholders with approximately 42.94%. Settlement shares carry a contractual lockup with releases over 36 months. Dune plans to advance its M47 oil block work program over the next 12 months.
Dune Oil (DUNXF) advanced US$200,000 to commence its M47 seismic program and selected a contractor for the work in Türkiye. The program budget is estimated at US$600,000 net to Dune. Under the revised farm-in agreement, another US$4.1 million is due by November 15, 2026, for initial 2027 post-seismic work; no further payments are due until November 15, 2027.
A settlement with TR1 Master Fund would retire US$3,681,350 of debt and produce a US$2,977,125 net gain upon timely payment. Dune expects payment by November 30, 2026. Its upsized placement targets up to CAD$4,000,000, including prior closings and debt settlements, at CAD$0.15 per unit, with expected full closing by October 20, 2026. Each unit includes one share and half a warrant. A separate proposed debt settlement would issue 6,338,333 shares for CAD$950,750. Both equity transactions require CSE approval.
Dune Oil (DUNXF) began trading on the OTCQB under its new symbol "DUNXF" on September 14, 2026, while its CSE and Frankfurt symbols remain unchanged.
The symbol change is described as administrative and does not affect the company’s name, business, capital structure or require shareholder action. Dune also closed additional tranches of its non-brokered private placement, issuing 2,816,667 units at CAD$0.15 for gross proceeds of CAD$422,500 and 133,333 units to settle CAD$20,000 of debt with an arm’s length party. Each unit includes one share and one-half warrant, with whole warrants exercisable at CAD$0.25 for one year, subject to CSE approval and hold periods to December 26, 2026 and January 15, 2027. Proceeds will fund work on the M47 block in Türkiye and corporate purposes. The company will also present at the ArcStone-Kingswood Growth Summit on September 16, 2026.