Oil Exploration & Development
Dune Oil has the right to earn a 29% working interest² in the M47 Block in Southeast Türkiye, next to fields that went from almost no oil to more than 83,000 bbl/d¹ since 2021.
Unrisked 2C contingent, Dune Oil’s 29% earn-in share before royalties; Chapman, Dec. 31, 2025. There is uncertainty that it will be commercially viable to produce any portion of the resources.
About Dune Oil
Our Mission: Oil Exploration and Development in SE Türkiye
Dune Oil is building an oil position in one of the Middle East’s fastest-growing production regions.
The company has the right to earn a 29% working interest² in the M47 Block, located in Southeast Türkiye’s Cudi-Gabar province, where neighbouring fields went from almost no oil to more than 83,000 bbl/d¹ since 2021.
"There's nothing like a bit of scarcity to make everybody realize that they really do need oil."
Scott Lower
President & CEO
Regulatory disclosure
Recent press releases
In focus
M47 Oil Exploration Block, S.E. Turkiye
Five years ago, this part of Türkiye produced almost no oil. Today, the Gabar fields around the M47 Block are producing over 83,000 bbl/d¹ from discoveries that didn’t exist a decade ago. Dune Oil has the right to earn a 29% working interest² in the block by funding US$15 million across two work program tranches covering seismic acquisition and drilling.
Working interest, right to earn²
29%
2C contingent, unrisked³
27.6MMbbl
2C NPV10, risked (81% chance of development)⁴
US$594M
API Light oil⁵
32.4°
S.E. Turkiye
Block M47 sits on the Cudi-Gabar fairway in southeast Türkiye, the same south-dipping carbonate trend that hosts every producing field around it. The reservoirs are the Mardin, Sayındere and Garzan formations, and the structures that trap oil next door continue onto the block.
THE REGION
A province built in five years
Cudi-Gabar produced almost no oil until recently. The TPAO fields around the block now flow more than 83,000 bbl/d¹.
Türkiye’s largest onshore oil discovery, 11 km away
Şehit Aybüke Yalçın, Türkiye’s largest onshore oil discovery¹, lies about 11 km from the block. Şehit Esma Çevik sits 5 to 6 km away, and several more producing fields are within a few kilometres.
A country that imports its oil
Türkiye consumes around a million barrels a day and produces a fraction of it at home, so domestic barrels have a refinery and a buyer waiting.
INTERVIEW
Crux Investor: Fast-Track to Cash Flow
Watch the latest interview with Crux Investor, where Scott Lower, President and CEO of Dune Oil Corp., covers the company's operations, funding, current oil prices, Turkey's energy market, the block's economics, and its fast track to cash flow.
Notes
¹ Neighbouring fields (analogous information). The 83,300 bbl/d record for TPAO’s Gabar fields is from a Türkiye Ministry of Energy and Natural Resources statement of August 6, 2026. Field names, production rates, discovery sizes and distances, including those on the maps, are from TPAO public disclosures and Türkiye Ministry of Energy and Natural Resources statements, as compiled by Dune Oil (January 2026). These sources are independent of Dune Oil. Dune Oil cannot confirm that this information was prepared by a qualified reserves evaluator or in accordance with the COGE Handbook. It is included because those fields produce from the same Cudi-Gabar carbonate trend as Block M47. The fields are operated by TPAO, not Dune Oil, and are not necessarily indicative of resources or production rates that may be achieved at Block M47.
² Working interest. Dune Oil has the right to earn a 29% working interest in Block M47 (licences C3 and C4) under a farm-in agreement. Its interest is subject to completion of the earn-in.
³ North Field contingent resources. 27.6 MMbbl (27,641 MSTB) is the unrisked best-estimate (2C) contingent resource of light crude oil for the North prospect, Mardin Group, Block M47, Cudi-Gabar province, southeastern Türkiye. It is company gross: Dune Oil’s 29% working-interest share before the 12.5% government royalty (24.2 MMbbl, or 24,186 MSTB, after royalty). The estimate was prepared by Chapman Hydrogen and Petroleum Engineering Ltd., Calgary, an independent qualified reserves evaluator (APEGA Permit P004201; responsible member C. W. Chapman, P.Eng.), in accordance with NI 51-101 and the COGE Handbook, effective December 31, 2025, report dated March 27, 2026. It is classified as Economic Contingent Resources, project maturity sub-class Development Unclarified. Chance of discovery 100%, chance of development 81%, chance of commerciality 81%. There is uncertainty that it will be commercially viable to produce any portion of the resources.
⁴ Net present value. NPV10 attributable to the 29% working interest is US$733.5 million unrisked and US$594.2 million risked at the 81% chance of development, before income tax, discounted at 10%, using Chapman’s January 1, 2026 forecast prices. The estimated values do not represent fair market value.
⁵ Oil quality. 32.4° API light oil at the C-1 and C-2 wells, based on log analysis and independent petrophysical evaluation of recovered oil, as reported in the Company’s news release of April 16, 2026.