Oil Exploration & Development
Dune Oil is earning a 29% working interest in the M47 Block in Southeast Türkiye, next to fields that went from almost no oil to more than 83,000 bbl/d since 2021.
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 is earning a 29% working interest 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/d 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/d from discoveries that didn’t exist a decade ago. Dune Oil is earning a 29% working interest in the block by funding US$15 million across two work program tranches covering seismic acquisition and drilling.
Working interest
29%
2C contingent, unrisked
27.6MMbbl
2C NPV10, risked (81% CoD)
US$594M
API Light oil
32.4°
27.6 MMbbl is the unrisked best-estimate (2C) contingent resource of light crude oil in the North Prospect of Block M47, Southeast Türkiye, estimated by Chapman Hydrogen and Petroleum Engineering Ltd., an independent qualified reserves evaluator, effective March 31, 2026, under NI 51-101 and the COGE Handbook. It is attributable to the 29% working interest Dune Oil has the right to earn under a farm-in agreement, before royalties (24.2 MMbbl after royalties). Category: Economic Contingent Resources, sub-class Development Unclarified, meaning no formal development plan has been approved and the contingencies below must be resolved before development can proceed; Chapman assigned an 81% chance of development. Contingent resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology under development, but which are not currently considered to be commercially recoverable due to one or more contingencies. The contingencies are further appraisal or development drilling (including the planned C-1 sidetrack) to confirm deliverability, completion of the earn-in, a development plan approved by the Joint Operating Committee, regulatory approvals, development financing and an oil sales agreement. Positive factors: 32.4° API light oil and 38 m of net oil pay at C-1, and producing fields nearby in the same Beloka and Mardin Group reservoirs. Negative factors: C-1 was drilled on the structural flank and encountered only part of the interpreted oil column, no sustained production test has been run, the development concept is conceptual only, the earn-in is not complete, and there is no approved development plan or financing. NPV10 attributable to Dune Oil’s 29% working-interest share 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. Estimated values of future net revenue do not represent fair market value. There is uncertainty that it will be commercially viable to produce any portion of the resources.
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/d.
Türkiye’s largest onshore oil discovery, 11 km away
Şehit Aybüke Yalçın, Türkiye’s largest onshore oil discovery, 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.
Field sizes and production on the map are reported by their operators, the Turkish energy ministry and public sources. They are not Dune Oil’s production or resources.
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.