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 held
US$594M
US$594M
2C NPV10, risked (81% CoD)
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.
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 proven anchor of the play. The C-1 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.
NPV10, unrisked, before tax
Chance of development
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.
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 · gross
~US$3.2 M
Dune Oil 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 · 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