Dune Oil Advances Gabar Block Seismic Tender Following 27.6 Million Barrel Resource

• Dune Oil Corp. has advanced a tender for a 40-kilometer 2-dimensional seismic acquisition program on the Gabar Block, targeted for finalization by September 2026 and to be acquired over approximately 6 weeks using modern nodal recording technology, ahead of further drilling on the block.
• An independent evaluation under National Instrument 51-101 (NI 51-101) and the Canadian Oil and Gas Evaluation Handbook (COGEH), prepared by Chapman Hydrogen and Petroleum Engineering Ltd. effective December 31, 2025, assigned the North Prospect a 2C Contingent Resource of 27.6 million barrels of oil with an unrisked net present value (NPV10%) of US$733.5 million and a risk-adjusted value of US$594.2 million, with an 81% chance of commerciality assigned.
• Total unrisked resource potential across 3 prospects is 51.6 million barrels net to Dune, comprising the North Prospect 2C Contingent Resource of 27.6 million barrels, the Central Prospect arithmetic-average Prospective Resource of 14.9 million barrels, and the Findik Prospect arithmetic-average Prospective Resource of 9 million barrels.
• The Cetinkaya-1 discovery well, drilled in 2025, encountered 32.4-degree API light oil with 38 meters of gross pay and was halted at 2,455 meters due to lost circulation, leaving approximately 160 meters of potential reservoir unpenetrated. The well is anticipated to be re-entered later in 2026 for further production testing.
• A high-resolution gravity study completed in May to June 2026 confirmed the presence of significant fault-related structures and identified priority leads across the license area. Currently, approximately 25% of the Gabar Block is covered by seismic, with new seismic targeted to generate 4 to 6 additional drillable exploration locations.

Company Overview

Dune Oil Corp. (CSE: DUNE | OTCQB: TRLEF | Frankfurt: Z62) is a Canadian oil exploration company focused on Türkiye, formerly known as Trillion Energy International Inc. The company has an agreement to earn up to a 29% working interest in the M47 oil exploration block located in the Cudi-Gabar petroleum province of southeastern Türkiye, covering approximately 450 square kilometers. The earn-in includes funding a total of US$15 million for work commitments in 2026 and 2027.

Seismic Program Advancement

Dune Oil Corp.  has advanced a tender for a 40-kilometer 2D seismic acquisition program on the Gabar Block in southeastern Türkiye, targeted for finalization by September 2026. A field scouting program was completed on July 29 and 30, 2026, to verify seismic lines and determine excavation work required in the field. The program covers 3 priority exploration areas and is targeted for acquisition over approximately 6 weeks using modern nodal recording technology.

Currently, approximately 25% of the Gabar Block is covered by seismic. The new 40-kilometer program is targeted to generate 4 to 6 additional drillable exploration locations. Upon completion of interpretation, the Company is targeting the announcement of its next drilling locations.

Resource Estimate & North Prospect

An independent evaluation prepared by Chapman Hydrogen and Petroleum Engineering Ltd. under National Instrument 51-101 ( NI 51-101) and  Canadian Oil and Gas Evaluation Handbook  (COGEH), effective December 31, 2025, assigned the North Prospect a 2C Contingent Resource of 27.6 million barrels of oil with an unrisked net present value  (NPV10%) of US$733.5 million and a risk-adjusted value of US$594.2 million. The evaluation assigned an 81% chance of commerciality and identified up to 80 vertical development wells on the North Prospect that are subject to commerciality. The North Prospect 3C estimate carries an unrisked NPV10% of US$1.18 billion.

Total unrisked resource potential across 3 prospects is 51.6 million barrels net to Dune's 29% working interest, comprising the North Prospect 2C Contingent Resource of 27.6 million barrels, the Central Prospect arithmetic-average Prospective Resource of 14.9 million barrels, and the Findik Prospect arithmetic-average Prospective Resource of 9 million barrels. Petroleum Initially-in-Place (PIIP) on a 100% gross property basis was appraised at 578,213 thousand stock tank barrels (MSTB).

Cetinkaya-1 Well & Regional Context

The Cetinkaya-1 (C-1) discovery well, drilled in 2025, encountered 32.4-degree API light oil with 38 meters of gross pay. Drilling was halted due to lost circulation at 2,455 meters, leaving approximately 160 meters of potential reservoir unpenetrated. The C-1 well is anticipated to be re-entered later in 2026 for further production testing.

The Gabar Block is located approximately 11 kilometers southeast of the Sehit Aybuke Yalcin oil field, Türkiye's largest onshore light oil discovery, which the company states targets carbonate reservoirs similar to those in the M47 block. According to publicly available information from TPAO and Türkiye's Ministry of Energy and Natural Resources, approximately 7 new oil fields have been discovered in the Cudi-Gabar region over the past 5 years, with these regional fields producing a combined rate of over 80,000 barrels per day against a national target of 100,000 barrels per day.

Earn-In & Work Program

Dune is earning its interest by funding a US$15 million work program commitment in stages. US$800,000 has been advanced year-to-date. Approximately US$4.35 million is due September 15, 2026, with further payments thereafter. Dune bears 60% and 80% of the cost of the next 2 wells, respectively, from its contributions, after which all costs are pro-rata to interest.

Next Steps

The 40-kilometer 2D seismic tender is targeted for finalization by September 2026, with acquisition expected to follow over approximately 6 weeks. Upon completion of interpretation, the Company is targeting the announcement of its next drilling locations. The C-1 well is anticipated to be re-entered later in 2026 for further production testing. Approximately US$4.35 million in earn-in payments are due on September 15, 2026.

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