Dune Oil Announces New TPAO Oil Discoveries, Additional Drilling Programs on Neighbouring M47 Licenses, Including 22 Offset Wells Within 1 to 2 km and Advancement of Seismic Program
The seismic program has an estimated budget of approximately US$600,000 net to Dune, with US$200,000 already advanced.
Sentiment and the balance of points
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Rhea-AI Summary
Dune Oil (OTCQB: DUNXF) awarded a seismic acquisition contract to advance exploration on its M47 licence area in southeastern Türkiye. The program covers approximately 45 kilometres across six lines, with a budget estimated at approximately US$600,000 net to Dune; US$200,000 has been advanced. Mobilization and acquisition are planned to start in November 2026, with completion expected in February 2027. Dune expects interpretation to identify additional drilling locations for its planned 2027 work program.
Separately, TPAO announced the Gaziler and Çardaklı discoveries on November 9, 2026. Gaziler's first well is approximately 4 to 5 km from M47; neighbouring TPAO projects identify 22 well locations approximately 1–2 km north of Dune's licences. These are outside Dune's licences, and their results do not establish reserves, resources or commercial outcomes for M47.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Moderate pointSeismic contract awarded, moving the M47 program from contractor selection to field execution.
- Minor point. Forward-looking: it has not happened yet and may not happen.Approximately 45 kilometres across six seismic lines are planned, with completion expected in February 2027.
- Minor point. Forward-looking: it has not happened yet and may not happen.Additional drilling locations in the South and North Lead areas are expected following seismic interpretation.
- Minor point. Forward-looking: it has not happened yet and may not happen.C-2 well re-entry and C-1 sidetrack are planned alongside the new drilling locations.
Negative
- Moderate point. Forward-looking: it has not happened yet and may not happen.Approximately US$600,000 net to Dune is the estimated seismic budget; US$200,000 has been advanced. 5.5% of market cap
- Minor pointFinal acquisition parameters remain subject to confirmation following field source tests.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Vancouver, British Columbia--(Newsfile Corp. - November 10, 2026) - Dune Oil Corp. (CSE: DUNE) (OTCQB: DUNXF) (FSE: Z621) ("Dune" or the "Company") highlights two new oil discoveries announced by Turkish Petroleum ("TPAO") in the Cudi-Gabar region, including the Gaziler field directly north of the Company's onshore M47 oil block ("M47"), and additional TPAO drilling programs on neighbouring licences situated within 1 to 2 km of M47.
TPAO Announces Two New Oil Discoveries and Additional Drilling Programs on Neighbouring Licences
On November 9, 2026, TPAO announced two new oil discoveries in the Cudi-Gabar region, the Gaziler and Çardaklı fields, increasing the number of its production fields in the region from eight to ten. The Gaziler field lies directly north of M47, with its first well located approximately 4 to 5 km from M47. TPAO reports approximately 135 million barrels of oil-in-place potential across the area under evaluation and plans to drill 40 new wells in the Gaziler and Çardaklı fields to bring that potential into production(1).
Through its field development program, TPAO is targeting an approximately
Separately, during August 25-28, 2026, Turkish energy-industry publication Enerji Günlüğü reported that six TPAO drilling-project groups identified 22 individual well locations in TPAO's Mehmet İrfan Güler oil field ("MIG Oil Field") on the M47-C1/C2 exploration licences, situated 1-2 km north of Dune's M47-C3/C4 licences. These projects are associated with TPAO's established MIG Oil Field, which commenced production in 2024.
Dune's 2D Seismic Program
In addition, the Company is pleased to announce the contract award for the 2026 two-dimensional (2D) seismic data acquisition program (the "Program") on its M47 Gabar licence area in Şırnak Province, southeastern Türkiye. The award moves the program from contractor selection to field execution. The M47 Block lies in the Cudi-Gabar petroleum province, a rapidly growing oil exploration and production fairway in southeastern Türkiye.
The seismic program is designed to improve definition of fault-controlled structural traps and prospective leads across the licence, and to set the stage for the Company's planned 2027 work program and future drilling.
The Program comprises approximately 45 kilometres across six 2D seismic lines over the M47 licence area (C3 and C4 licences, approximately 310 square kilometres). Acquisition will use modern nodal recording technology, selected for its operational flexibility, receiver continuity and HSE advantages in the area's rugged, and locally steep terrain. The survey is designed to better define fault-controlled structural traps and prospective structures - particularly in the eastern part of the licence - and to fill gaps in existing seismic coverage.
Under the acquisition design, the contractor will carry out line survey, shot-hole drilling, explosives management, nodal recording, field quality control and preliminary field processing, with final acquisition parameters to be confirmed following field source tests. The operator will provide field support, including preparation of dozer access roads along the seismic lines and operational fuel during acquisition.
Budget, Timing and Next Steps
Based on the tendered contract terms, the seismic program budget is estimated at approximately US
Scott Lower, President and Chief Executive Officer of Dune Oil Corp., commented:
"Awarding the seismic contract moves our M47 program from tender to execution. This survey is designed to sharpen our picture of the faulting and traps across the block and to high-grade drilling locations for 2027. Selecting the contractor and locking in terms is an important step toward the next phase of exploration and development on the licence, and we look forward to getting crews to the field."
Third-Party Information and NI 51-101 Caution
(1) Information on the Gaziler and Çardaklı discoveries, oil-in-place potential, planned wells and regional production targets is attributed to TPAO's announcement of November 9, 2026; neighbouring well-location information is attributed to Enerji Günlüğü (August 25-28, 2026). TPAO is the state-owned operator of these properties, while the publication is independent of Dune. Dune has not independently verified the underlying technical data or determined whether related petroleum estimates were prepared or audited under the Canadian Oil and Gas Evaluation Handbook. The approximately 135 million barrels of oil-in-place potential is TPAO's figure; it is not a recoverable volume, and Dune is not aware of its classification under the Canadian Oil and Gas Evaluation Handbook. This information concerns properties outside Dune's licences and is provided as regional, analogous context only. Results on other properties are not necessarily indicative of results on M47; no reserves, resources, production rates or commercial outcomes for Dune's property can be inferred. References by third parties to "reserves", "discoveries" or "oil-in-place" are not necessarily consistent with the definitions in NI 51-101 or the Canadian Oil and Gas Evaluation Handbook. Distances to M47 are management's approximate estimates. "bbl/d" means barrels per day.
About Dune Oil Corp.
Dune Oil Corp. is a Canadian oil exploration company focused on Türkiye. The Company has an agreement to earn a
For Further Information
Scott Lower, President and Chief Executive Officer | Brian Park, Vice President, Finance
Dune Oil Corp. | Suite 700, 838 West Hastings Street, Vancouver, B.C. V6C 0A6 | 1-778-819-1585 | info@duneoil.ca | www.duneoil.ca
Cautionary Statement Regarding Forward-Looking Information
This news release contains forward-looking information under applicable Canadian securities laws, including statements concerning the award and execution of the 2026 seismic acquisition contract; the scope, design, budget (including the approximately US
Neither the Canadian Securities Exchange nor its regulation services provider accepts responsibility for the adequacy or accuracy of this news release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/323296
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What is Dune Oil's M47 seismic program budget and schedule?
The seismic program budget is estimated at approximately US$600,000 net to Dune, with mobilization and field acquisition planned to commence in November 2026 and completion expected in February 2027. Dune has advanced US$200,000 to commence the program.
Do TPAO's nearby oil discoveries establish oil resources for Dune Oil's M47 block?
No reserves, resources, production rates or commercial outcomes for M47 can be inferred from the nearby properties. Dune has not independently verified the underlying technical data. TPAO's approximately 135 million barrels of oil-in-place potential concerns an area outside Dune's licences and is not a recoverable volume.
What work will Dune Oil's M47 seismic contractor perform?
The contractor will conduct line surveying, shot-hole drilling, explosives management, nodal recording, field quality control and preliminary field processing. Final acquisition parameters will be confirmed following field source tests. The operator will support acquisition with dozer access roads along the seismic lines and operational fuel.