Dune Oil Highlights Significant Regional Oil Production Success in Türkiye's Cudi-Gabar Basin near Its M47 Block
Dune’s M47 work remains at the seismic-planning and well-evaluation stage, with exploration priorities subject to funding and approvals.
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Rhea-AI Summary
Dune Oil (DUNXF) highlighted oil development near its M47 block in Türkiye while advancing seismic planning and evaluating existing well options.
Regional Gabar production reached 83,300 barrels per day in August 2026. Neighbouring TPAO drilling-project filings identified 22 well locations immediately north of Dune’s licences. These are third-party activities, not Dune production; Dune has not independently verified the underlying technical data, and neighbouring results do not establish M47 outcomes.
Log analysis of Dune’s C-1 and C-2 wells indicates oil in the Beloka and Mardin Group carbonates. Dune advanced US$200,000 toward planned seismic work and appointed engineering advisors to evaluate potential re-entry, deepening, testing and completion options. The company plans to integrate seismic and well information to refine exploration priorities, subject to available funding and necessary approvals.
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
- Minor pointC-1 and C-2 well logs indicate oil in Beloka and Mardin Group carbonates.
- Minor pointSeismic planning advanced with US$200,000 toward structural interpretation and future drilling selection.
- Minor pointEngineering advisors appointed to evaluate potential C-1 and C-2 re-entry, deepening, testing and completion.
- Minor point. Forward-looking: it has not happened yet and may not happen.Dune plans to integrate seismic, historical drilling and petrophysical information to refine exploration priorities.
Negative
- Moderate pointEarning a 29% working interest remains subject to outstanding funding, contractual and applicable regulatory requirements.
- Minor pointExploration-priority refinement remains subject to available funding and necessary approvals.
- Minor pointRegional technical data remain independently unverified by Dune; neighbouring results do not establish M47 outcomes.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Seven producing oil fields in five years and TPAO drilling-project filings identify 22 well locations on neighbouring licences
Vancouver, British Columbia--(Newsfile Corp. - November 2, 2026) - Dune Oil Corp. (CSE: DUNE) (OTCQB: DUNXF) (FSE: Z62) ("Dune" or the "Company") highlights recent developments in the Cudi-Gabar petroleum province of southeastern Türkiye, including statements by the Minister of Energy and Natural Resources regarding potential new oil discoveries west of Gabar, continued regional production growth, and drilling-project filings by Turkish Petroleum Corporation ("TPAO") on licences immediately north of Dune's M47 onshore oil block ("M47 Block"), which lies central to Turkey's fastest growing producing oil trend.
These developments provide regional context as Dune advances seismic planning and the technical evaluation of re-entry and testing programs for the Çetinkaya-1 ("C-1") and Çetinkaya-2 ("C-2") wells at its M47 Block.
Gabar Production Has Grown from Zero to 83,300 Bbl/d in Five Years
- Seven producing oil fields developed in the Gabar area since 2021
- Combined Gabar production reached a record 83,300 bbl/d in August 2026 targeting over 100,000 bbl/d in the future
- Over 50 million barrels of cumulative Gabar oil production since 2021
- Economic contribution from Gabar oil production at approximately US
$3.5 billion - Dune's M47 block is situated near these producing fields, targeting similar Cretaceous carbonate reservoirs(1)
TPAO Announces Additional Drilling Programs on Neighbouring M47-C1/C2 Licences
During August 25-28, 2026, Turkish energy-industry publication Enerji Günlüğü reported six TPAO drilling-project groups identifying 22 individual well locations in TPAO's Mehmet İrfan Güler oil field ("MIG Oil Field") on the M47-C1/C2 exploration licences, situated immediately north of Dune's M47-C3/C4 licences. These projects are associated with TPAO's established MIG Oil Field, which commenced production in 2024. The applications reflect ongoing development and field delineation activities on neighbouring acreage.
Turkish Energy Minister Signals Potential Major New Oil Discoveries West of Gabar
On October 18, 2026, Minister of Energy and Natural Resources, Alparslan Bayraktar announced that TPAO expects to announce significant new oil discoveries west of Gabar. He indicated that the government expects to provide further information once technical confirmation of the quantities has been completed. The Minister's comments highlight continuing exploration beyond the established producing fields of the Gabar region, where TPAO has made several substantial oil discoveries since 2021. The precise new location, discovery well, geological structure and estimated quantities associated with the anticipated western Gabar discovery have not yet been publicly identified.
In an October 20, 2026 address, Minister Bayraktar estimated the economic contribution from Gabar oil production at approximately US
Relevance to Dune's M47 Exploration and Development Program
M47 lies in the wider Cudi-Gabar petroleum province, where structurally controlled hydrocarbon accumulations occur in folded and faulted carbonate reservoirs, including the Mardin Group. Differences in fault compartments, fracture connectivity, reservoir quality and fluid contacts can materially affect results between neighbouring structures.
Dune's M47 Block targets similar Cretaceous carbonate reservoirs to those producing in the Gabar region. The Çetinkaya-1 ("C-1") and Çetinkaya-2 ("C-2") wells, drilled in 2025 on the North structure of the M47 Block, encountered the Beloka and Mardin Group carbonates, and log analysis of both wells indicates the presence of oil in these reservoirs.
As announced October 15, 2026, Dune advanced US
Scott Lower, President and Chief Executive Officer of Dune Oil Corp., commented:
"Gabar has become an important oil-producing region, with more than 50 million barrels reported produced and continued TPAO development around our acreage(1). The Minister's comments on potential additional discoveries west of Gabar and the neighbouring drilling filings underscore the importance of rigorous regional geological work. Our immediate focus remains on completing the planned seismic evaluation and designing technically sound C-1 and C-2 re-entry and testing programs so that future capital decisions are grounded in reliable subsurface information."
Third-Party Information and NI 51-101 Caution
(1) Regional production and economic information is attributed to the Turkish Ministry of Energy and Natural Resources (August 6 and October 18-20, 2026); neighbouring well-project information is attributed to Enerji Günlüğü (August 25-28, 2026). The government sources relate to state-operated petroleum activity, 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. 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" or "discoveries" are not necessarily consistent with the definitions in NI 51-101 or the Canadian Oil and Gas Evaluation Handbook. "bbl/d" means barrels per day.
About Dune Oil Corp.
Dune Oil Corp. is a Canadian oil exploration company focused on southeastern Türkiye. Under its farm-in agreement, the Company may 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 prospective regional discoveries, planned seismic operations and interpretation, possible well re-entry, deepening and testing, potential drilling locations, and future M47 exploration and development. Such information depends on assumptions about geological conditions, financing, partner and regulatory approvals, costs, contractors and commodity prices, and is subject to geological, technical, financial and operating risks. TPAO's possible new discoveries remain unconfirmed; no assurance can be given that Dune's plans will proceed or result in commercial production. Actual results may differ materially. Readers should not place undue reliance on forward-looking information, which is made as of the date hereof and will be updated only as required by law. Regional discoveries do not establish comparable reserves or deliverability on M47.
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/322008
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What oil development near Dune Oil’s M47 block was announced?
TPAO drilling-project filings identified 22 individual well locations on licences immediately north of Dune’s M47 licences. The six project groups concern TPAO’s Mehmet İrfan Güler oil field, which began production in 2024. They represent neighbouring development and field delineation, not drilling commitments on Dune’s acreage.
What interest can Dune Oil earn in the M47 licences?
Dune may earn a 29% working interest in the M47-C3/C4 exploration licences under its farm-in agreement. That interest remains subject to outstanding funding, contractual and applicable regulatory requirements.
Has the potential oil discovery west of Gabar near Dune Oil’s region been technically confirmed?
Technical confirmation of quantities remained pending before further government information on the anticipated western Gabar discovery. The Turkish energy minister said TPAO expected to announce new discoveries, but the precise location, discovery well, geological structure and estimated quantities had not yet been publicly identified.