Dune Oil Updates on Gabar Oil Discovery and Advances Work Program Targets
Rhea-AI Summary
Dune Oil (CSE: DUNE, OTCQB: TRLEF) reported progress on the Gabar Block in southeastern Türkiye, where an independent NI 51-101/COGEH evaluation assigned the North Prospect a 2C contingent resource of 27.6 MMbbl, with an unrisked NPV-10 of US$733.5 million, a risk-adjusted value of US$594.2 million and an 81% chance of commerciality.
Dune can earn up to a 29% working interest in the ~450 km² M47 block by funding a US$15 million work program during 2026–2027. A tender is underway for a 40 km 2D seismic program, expected to finish by September 2026, with acquisition over about six weeks and potential for 4–6 new drillable locations. The Çetinkaya‑1 well previously encountered 32.4° API light oil with 38 m gross pay and is planned for re‑entry and further testing later this year. According to Dune, total unrisked resource potential across three prospects is 51.6 MMbbl net to the company.
Positive
- 2C contingent resource 27.6 MMbbl on North Prospect with 81% chance of commerciality
- North Prospect unrisked NPV-10 US$733.5 million, risk-adjusted value US$594.2 million
- Total unrisked resource potential 51.6 MMbbl net to Dune across three prospects
- Çetinkaya-1 discovery well with 38 m gross oil pay of 32.4° API light oil
- Dune can earn up to 29% working interest in ~450 km² M47 block
- Seismic and gravity work targeting 40 km 2D seismic and 4–6 additional drillable locations
Negative
- Dune must fund US$15 million in 2026–2027 work commitments to earn its interest
- Approximately US$4.35 million payment due by September 15, 2026 under the work program
- Next wells require Dune to bear 60% and 80% of costs before pro-rata sharing
- North Prospect resources are contingent with development unclarified and no certainty of commercial viability
- Central and Fındık (South) resources are prospective with no certainty of discovery or commercial production
- Çetinkaya-1 drilling halted on lost circulation at 2,455 m, leaving ~160 m potential reservoir unpenetrated
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Vancouver, British Columbia--(Newsfile Corp. - August 11, 2026) - Dune Oil Corp. (CSE: DUNE) (OTCQB: TRLEF) (FSE: Z62) ("Dune" or the "Company") is pleased to advance its oil block discovery in the Gabar petroleum province of southeastern Türkiye, "the Gabar Block", which an independent evaluation under COGEH and 51-101 standards assigned a 2C contingent resource of 27.6 MMbbl. A tender for a 40-kilometre 2D seismic acquisition program is now underway ahead of further drilling, which is expected to be finalized by September 2026, to pave the way for additional drilling locations.
The Gabar Block covers approximately 450 km² of block M47 areas, c,d, where Dune has a right to earn up to a
Approximately seven new oil fields have been discovered in the Cudi-Gabar region over the past five years. According to public reports, Gabar regional oil fields currently produce a combined rate of over 80,000 bbl/d, against a state national target of 100,000 bbl/d. Approximately 40 rigs are working a 140-well location inventory in the surrounding area.
The Çetinkaya-1 ("C-1") well, drilled in 2025, encountered 32.4° API light oil with 38 metres of gross pay. Drilling was halted on lost circulation at 2,455 metres, leaving approximately 160 metres of potential reservoir unpenetrated. C-1 is anticipated to be re-entered later this year for further production testing.
An independent NI 51-101 resource evaluation by Chapman has assigned the North Prospect a 2C contingent resource of 27.6 MMbbl, with an unrisked NPV-10 of US
Dune is earning its interest by funding a US
A high-resolution gravity study completed in May-June confirmed the presence of significant fault-related structures and identified priority leads across the licence. The new finalized program covers 40 kilometres of 2D seismic across three priority exploration areas, to be acquired over approximately six weeks using modern nodal recording technology. A field scouting program was completed on July 29-30 to verify the seismic lines and determine the excavation works in the field. Currently, only about
Project Highlights
2C Contingent Resource of 27.6 MMbbl on the North Discovery, with an unrisked NPV-10 of US
$733.5 million .Approximately 11 km from the Şehit Aybüke Yalçın oil field, Türkiye's largest onshore oil discovery.
38 metres of gross oil pay at C-1 discovery well.
Total unrisked resource potential of 51.6 MMbbl net to Dune across three prospects, with a North Prospect 3C estimate at an unrisked NPV-10 of US
$1.18 billion .Seven newly discovered analogue oil fields in the Gabar region over the past five years.
Analogue Gabar regional fields produce a combined rate of over 80,000 bbl/d.
578,213 MSTB PIIP (
100% interest) assessed by appraisal.
About Dune Oil Corp.
Dune Oil Corp. (formerly Trillion Energy International Inc.) is a Canadian oil exploration company focused on Türkiye. The Company has an agreement to earn up to a
Requests for further information should be directed to:
Scott Lower, President
Brian Park, VP Finance
Dune Oil Corp.
Suite 700, 838 West Hastings Street
Vancouver, B.C., V6C 0A6
Corporate offices: 1-778-819-1585
e-mail: info@duneoil.ca
Website: www.duneoil.ca
Cautionary Statement Regarding Forward-Looking Information
This news release contains "forward-looking information" within the meaning of applicable Canadian securities laws, including statements regarding the planned 40-kilometre 2D seismic acquisition program and the timing and results thereof; the identification of new drilling locations and the anticipated drilling program; the Company's earn-in commitments and the timing of payments thereunder; and the contingent and prospective resource estimates and the associated net present values. This information reflects the Company's current expectations and is subject to risks and uncertainties, including exploration, drilling and operational risk; the risk that technical results differ from current interpretations; the uncertainty inherent in resource estimates; delays in the seismic program; the risk that funding milestones are not met or that required capital is not available; and Türkiye regulatory, JOC partner and currency risks. Readers should not place undue reliance on forward-looking information, which is made as of the date hereof; the Company disclaims any obligation to update it except as required by applicable securities law.
Oil and Gas Disclosure, COGEH / NI 51-101
This news release has been prepared in accordance with National Instrument 51-101, Standards of Disclosure for Oil and Gas Activities ("NI 51-101") and the Canadian Oil and Gas Evaluation Handbook ("COGEH").
The North Prospect contingent resources disclosed herein are estimates only. There is no certainty that it will be commercially viable to produce any portion of the contingent resources. They have been classified with a Project Maturity Sub-class of Development Unclarified and remain subject to the contingencies and development conditions set out in the Company's independent resource-evaluation news release dated April 16, 2026.
The Central and Findık (South) prospective resources included in the 51.6 MMbbl figure are estimates only. There is no certainty that any portion of the prospective resources will be discovered or, if discovered, that it will be commercially viable to produce any portion of the resources. The figures stated are unrisked and carry both a risk of discovery and a risk of development.
"Net oil pay" refers to the thickness of reservoir rock meeting the minimum porosity and maximum water saturation cut-offs applied by the evaluator from wireline log analysis, as described in the Company's news release dated April 16, 2026. "PIIP" is Petroleum Initially-In-Place on a
All net present values ("NPV") disclosed herein are stated before tax and discounted at
References to production at the Şehit Aybüke Yalçın field, to current Gabar production of approximately 80,000 barrels per day and the 100,000 barrels per day government target, and to regional field discoveries, rig counts and well location inventories, are based on publicly available information reported by Türkiye Petrolleri Anonim Ortaklığı ("TPAO"), Türkiye's Ministry of Energy and Natural Resources, and public media sources. These are third-party properties in the same geological trend; Dune has no direct knowledge of their subsurface or production data, and they are not necessarily indicative of results that may be achieved at Block M47C3,C4.
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/309156