Dune Oil Designs M47 Re-Entry Programs as Gabar Output Hits 83,300 Barrels a Day

• Gabar oil production reached a record 83,300 barrels per day in August 2026.
• Seven producing oil fields have been developed in the Gabar area since 2021.
• Turkish Petroleum Corporation (TPAO) drilling-project groups identify 22 well locations on the licenses immediately north of M47.
• Türkiye's energy minister announced that TPAO expects to announce significant new oil discoveries west of Gabar.
• Dune Oil is focused on its planned seismic evaluation and on re-entry and testing programs for the Çetinkaya-1 (C-1) and Çetinkaya-2 (C-2) wells.

Company Overview

Dune Oil (CSE: DUNE | OTCQB: DUNXF | FSE: Z62) is a Canadian oil exploration company focused on southeastern Türkiye. Under its farm-in agreement, the company may earn a 29% working interest in the M47-C3/C4 exploration licenses in the Cudi-Gabar petroleum province, subject to outstanding funding, contractual, and applicable regulatory requirements.

Gabar Production Growth

Dune Oil has set out recent developments in the Cudi-Gabar petroleum province of southeastern Türkiye as regional context for its work on the M47 Block. Seven producing oil fields have been developed in the Gabar area since 2021. Combined Gabar oil production reached a record 83,300 barrels per day in August 2026, with a target of over 100,000 barrels per day in the future.

Cumulative Gabar oil production has passed 50 million barrels since 2021. The M47 Block is situated near these producing fields and targets similar Cretaceous carbonate reservoirs.

TPAO Drilling Programs North of M47

Reports published over August 25 to 28, 2026 cited 6 TPAO drilling-project groups identifying 22 individual well locations in TPAO's Mehmet İrfan Güler oil field (MIG Oil Field). The locations sit on the M47-C1/C2 exploration licenses, immediately north of Dune Oil's M47-C3/C4 licenses.

Those projects belong to TPAO's established MIG Oil Field, which commenced production in 2024. The applications reflect ongoing development and field delineation activities on neighboring acreage.

Energy Minister on Possible Discoveries West of Gabar

On October 18, 2026, Türkiye's Minister of Energy and Natural Resources, Alparslan Bayraktar, announced that TPAO expects to announce significant new oil discoveries west of Gabar. The government expects to provide further information once technical confirmation of the quantities has been completed. The precise location, discovery well, geological structure, and estimated quantities of the anticipated western Gabar discovery have not yet been publicly identified, and TPAO's possible new discoveries remain unconfirmed.

In an October 20, 2026 address, the minister estimated the economic contribution from Gabar oil production at approximately US$3.5 billion. He pointed to the economic benefits of replacing imported oil with domestic production and to approximately 3,600 local jobs.

Relevance to the M47 Program

M47 lies in the wider Cudi-Gabar petroleum province, where structurally controlled hydrocarbon accumulations occur in folded and faulted carbonate reservoirs, including the Mardin Group. Differences in fault compartments, fracture connectivity, reservoir quality, and fluid contacts can materially affect results between neighboring structures.

The C-1 and C-2 wells, drilled in 2025 on the North structure of the M47 Block, encountered the Beloka and Mardin Group carbonates, and log analysis of both wells indicates the presence of oil in these reservoirs. On October 15, 2026, Dune Oil announced it had advanced US$200,000 toward its planned seismic program, to improve subsurface structural interpretation and future drilling selection. On October 28, 2026, it appointed petroleum engineering advisors Allan Albertson, P.Eng., and Dean Casorso, MBA, CET, to support evaluation of potential C-1 and C-2 well re-entry, deepening, testing, and completion options.

President and Chief Executive Officer of Dune Oil, Scott Lower, ties the company's next capital decisions to the subsurface work now planned:

"Gabar has become an important oil-producing region, with more than 50 million barrels reported produced and continued TPAO development around our acreage. The Minister's comments on potential additional discoveries west of Gabar and the neighboring drilling filings underscore the importance of rigorous regional geological work. Our immediate focus remains on completing the planned seismic evaluation and designing technically sound C-1 and C-2 re-entry and testing programs so that future capital decisions are grounded in reliable subsurface information."

The regional production and economic figures come from the Turkish Ministry of Energy and Natural Resources, and the well-project information from an independent publication. Dune Oil has not independently verified the underlying technical data, and the information concerns properties outside its licenses, so no reserves, resources, production rates, or commercial outcomes for M47 can be inferred from it.

Next Steps

Dune Oil intends to integrate seismic, historical drilling, and petrophysical information with regional geological observations to refine its exploration priorities, subject to available funding and necessary approvals. Its immediate work is the planned seismic evaluation and the design of C-1 and C-2 re-entry and testing programs.

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