PROJECT
Cudi-Gabar Oil Petroleum Province, Türkiye
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.
The block lies about 11 km from the Şehit Aybüke Yalçın field, Türkiye’s largest onshore oil discovery, 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
27.6MMbbl
27.6MMbbl
2C contingent, unrisked
29%
29%
Working interest, right to earn
US$594M
US$594M
2C NPV10, risked (81% chance of development)
One discovery. Three more targets on trend.
On the same south-dipping carbonate fairway, Bulmuşlar, Şehit Aybüke Yalçın and Esma Çevik are among the TPAO fields producing more than 83,000 bbl/d. Dune Oil’s M47 discovery sits on this trend, and three mapped structures follow.
Discovery · Çetinkaya
Confirmed light oil · independently evaluated
The anchor of the play. The C-1 light-oil discovery on the M47 structure carries an independent Chapman 2C evaluation, and the Central and Fındık prospects step out from it.
NPV10, unrisked, before tax
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
Mapped prospect
Mapped structure on the M47 south-dipping carbonate fairway, alongside the discovery. Untested by drilling.
Target depth
1,800 – 2,500 m
Formations
Mardin / Sayındere / Garzan
Well cost · 100% WI
~US$3.2 M
Dune Oil share after earn-in (29%)
~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 · Ağaçyurdu Trend
A seismic-mapped structure on the Ağaçyurdu trend
On-trend with Bulmuşlar and Esma Çevik, in a province producing more than 83,000 bbl/d.
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 · Ağaçyurdu Trend
Mapped from 2024 gravity and 2D seismic. Untested by drilling.
7 Well Work Program
SEISMIC ACQUISITION
Phase 1
EXPLORATION DRILLING
Phase 2
Phase 3