Seismic Timetable Dates Dune Oil's Next M47 Wells to Early 2027

• Dune Oil advanced US$200,000 for seismic on the M47 Block in southeastern Türkiye and selected a contractor.
• Seismic acquisition is expected to finish by the end of 2026, weather permitting.
• Interpretation of about 1.5 months points to new well locations by early to mid-February 2027.
• The first new wells are planned for the first quarter or early second quarter of 2027.
• A US$4.1 million advance is due by November 15, 2026, with no further farm-in payment until November 15, 2027.

What Has Happened 

Dune Oil (CSE: DUNE | OTCQB: DUNXF) has selected a seismic contractor for the M47 Block, an onshore oil block in the Cudi-Gabar petroleum province of southeastern Türkiye, and paid US$200,000 to begin the work. The company has a 29% earn-in working interest in the block's C3 and C4 licenses. Under a revised farm-in agreement, Dune Oil will advance another US$4.1 million for the initial 2027 post-seismic work program on or before November 15, 2026, with no further payments due until November 15, 2027. Acquisition is now expected to be completed by the end of 2026, with new well locations in early to mid-February 2027 and the first new wells in the first quarter or early second quarter of 2027.

Seismic Program Scope & Status 

The 2026 survey is a staged seismic program covering 40 kilometers (km), budgeted at an estimated US$600,000 net to Dune Oil. Several bids were evaluated before the vendor was chosen, and the acquisition will use nodal recording technology, a method in which self-contained sensors placed on the ground record the returning sound waves. The lines run from south to north across the block, covering the North Lead discovery area around the Çetinkaya 1 (C-1) and Çetinkaya 2 (C-2) wells, as well as an exploration target in the southern part of the block.  

As of October 19, 2026, the tender was complete, the first advance had been paid, and acquisition was expected to start within 1 or 2 weeks. Seismic over the Mid and South leads had earlier been scheduled to start in September 2026. 

The survey is designed to clarify subsurface faulting and traps. It is expected to generate several additional drillable exploration locations in the South Lead area and development locations in the North Lead. 

From Interpretation to Well Locations 

Once acquisition starts, the timetable runs in 2 stages: recording in the field, expected to run through the end of 2026, followed by processing and interpretation into the new year. 

Vice President and General Manager, Turkey, of Dune Oil, Burak Tolga Terzi, dates each stage from the first recording to the first drilling: 

"The timeline looks like it will start in a couple of weeks, and it will be completed by the end of this year, probably, depending on the weather conditions, of course. But I think the interpretation process will start, which will take around 1 and 1/2 months, and I think we'll be ready by the early mid-February timeline, and we'll be determining our new well locations, and then start drilling." 

Once interpretation is complete, Dune Oil expects to finalize and announce new drilling locations in the South Lead and North Lead areas.

C-1 Re-Entry Alongside the Seismic 

The North Lead re-entry is planned to run alongside the seismic program, probably while acquisition is underway. The first tranche of the farm-in funds 1 to 2 new wells, re-entry into the C-1 and C-2 wells in the North discovery, and an early production facility. 

C-1 was drilled in 2025 on a light conventional oil discovery with a 32.4° API gravity, a standard measure of oil density where higher values indicate lighter oil. The well recorded more than 70 meters (m) of gross oil pay and 38 m of net pay, and produced 63 barrels of oil on test. Management says the well's completion could be improved and expects it to become a commercial discovery after further work. As of October 19, 2026, the well design for the C-1 re-entry was nearing completion, with the re-entry program to be planned once it was finished.

President and Chief Executive Officer of Dune Oil, Scott Lower, names the step that comes before production on the North Lead: 

"We're very much at the cusp of a development program for the North Lead. And so, what needs to happen now is two re-entries on these existing wells, and then we're going to fine-tune the drilling techniques and the completion techniques to get production going on this North Block."

Full North Field production development, with the early production facility and trucking to the refinery, is scheduled from 2027.

The 2027 Drilling Sequence & Its Funding Dates

New wells follow the well locations, with South Lead wells and a return to the North Lead in the 2027 plan.

Terzi lays out the order of work into 2027, ending with a return to the North Lead:

"First, seismic, then the re-entry in the meantime, probably when seismic is being conducted, and then drill a couple of wells in early 2027, starting from Q1 or maybe early Q2 of 2027. And then we're planning to drill a couple of wells in the South Lead and then go back to North Lead, probably drill another well there."

The 2027 second tranche of the farm-in calls for a minimum of 3 new wells, potential horizontal wells for increased production, and potential additional seismic. Its cost split is US$8 million from Dune Oil and US$2.5 million from GYP. Dune Oil funds US$15 million of work over 2 years in 2 tranches to earn its 29% interest, and all costs are shared pro rata by interest thereafter. Derkim, the block holder, has 51%, and GYP, a farm-in partner and local driller, has 20%.

Dune Oil upsized its non-brokered private placement to up to CAD$4,000,000 at CAD$0.15 per unit, with proceeds to support ongoing work on the M47 Block, investor relations, expenses, working capital, and general corporate purposes. As of October 15, the placement was expected to close in full on or before October 20, 2026, subject to approval by the Canadian Securities Exchange. A Tranche 1 capital raise is underway, and a Tranche 2 capital raise is planned for early 2027.

How the Dates Compare With Earlier Guidance

Dune Oil's October 2026 catalyst schedule listed C-1 production and testing for fall 2026 and Mid or South Lead drilling for late 2026.

The October 15 terms tie the US$4.1 million advance to the initial 2027 post-seismic work program, and the seismic results are to be used to set the 2027 drilling programs. The October 19 timetable places the first new wells in the first quarter or early second quarter of 2027. Both place new drilling in 2027, after the seismic is interpreted, while the C-1 re-entry is expected to run alongside the seismic program. 

Broader Context

M47 lies within Türkiye's fastest-growing oil province. As of January 2026, neighboring fields operated by state-owned TPAO produced 81,000 barrels of oil equivalent per day, up from zero 5 years earlier, against a near-term TPAO target of about 100,000 barrels per day. Türkiye imports more than 85% of its oil.

As of October 19, 2026, the state company had 40 to 45 rigs operating in the region and had secured the available drilling rigs on the market. GYP is also a rig contractor, which gives Dune Oil confidence in securing a rig when needed. Derkim handles permits, and Dune Oil, as operator, will design the wells and production strategies. Early oil can be trucked in 250-barrel tankers to the Tüpraş refinery 130 km away. A pipeline completed in 2026 provides more than 150,000 barrels of oil equivalent per day of capacity into Esma Çevik.

What to Watch Next 

The first marker is the start of seismic acquisition, followed by the US$4.1 million advance due on or before November 15, 2026, and the C-1 re-entry expected during the seismic program. Acquisition is expected to finish by the end of 2026, weather permitting. New well locations are expected by early to mid-February 2027. A Tranche 2 capital raise is planned for early 2027, and the first new wells for the first quarter or early second quarter of 2027. 

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