PROJECT
Cudi-Gabar Oil Petroleum Province, Türkiye
Five years ago, this part of Türkiye produced almost no oil. Today, fields directly adjacent to the M47 Block are producing over 81,000 boe/d from discoveries that didn’t exist a decade ago. Dune Oil has signed an agreement to earn a 29% working interest in the block, committing US$15 million across two work program tranches covering seismic acquisition and drilling.
The block lies 12 km from the Sehit Aybuke Yalcin field, a 1-billion-barrel OOIP discovery now producing 80,000 boe/d, and is surrounded by multiple new TPAO discoveries across the Cudi-Gabar province.
The oil blocks are surrounded by >10 major oil discoveries, half of which are recent.
M47
27MMbbl
27MMbbl
Recent Oil Discovery
29%
29%
Working interest being earned
US$594M
US$594M
Risked NPV10
One discovery. Three more targets on trend.
On the same south-dipping carbonate fairway, Bulmuslar, Şehit Aybüke Yalçın, Esma Çevik and Agaçyurdu collectively flow 35,000+ boed for TPAO. Dune Oil’s M47 discovery sits on this trend — three more leads follow.
Discovery · Centinkaya
Confirmed light oil · independently evaluated
The proven anchor of the play. The C-1/C-2 light-oil discovery on the M47 structure carries an independent Chapman 2C evaluation — the leads to the south step out from this confirmed oil column.
NPV-10 · net
Chance of development
Oil quality
32.4° API light
Net pay
38 m
Gross interval
76 m
Water saturation
~8% (best zone)
South Lead 1 · Findik
Drill-ready
Drill-ready structure on the M47 south-dipping carbonate fairway, alongside the discovery. Company estimate from 2024 gravity and 2D seismic; independent resource evaluation pending.
Low
MMbbl OOIP
Mid
MMbbl OOIP
High
MMbbl OOIP
Target depth
1,800 – 2,500 m
Formations
Mardin / Sayındere / Garzan
Well cost · gross
~US$3.2 M
Trillion 29% net
~US$930 K
South Lead 2 · resource pending seismic
A gravity anomaly on the M47 southern boundary. 2026 2D seismic will size the closure and move this into the drilling queue alongside Findik.
Mid Lead 1 · Agaçyurdu Trend
The largest lead on the block
On-trend with Bulmuslar, Esma Çevik and Agaçyurdu · 90,000+ boed producing.
Low
MMbbl OOIP
Mid
MMbbl OOIP
High
MMbbl OOIP
Formations
Mardin / Sayındere / Garzan
Reservoir
Multi-zone carbonate
Target depth
1,800 – 2,500 m
Adjacent lead
Mid Lead 2 · seismic pending
Mid Lead 2 · Agaçyurdu Trend
Company estimate from 2024 gravity and 2D seismic. No independent resource evaluation assigned.
7 Well Work Program
SEISMIC ACQUISITION
Phase 1
EXPLORATION DRILLING
Phase 2
Phase 3