Key Highlights
- Dune Oil highlighted regional oil activity near its M47 Block in southeastern Türkiye.
- Turkish Petroleum drilling-project filings described 22 well locations on licences north of M47.
- Dune is planning seismic work and evaluating re-entry and testing options for Çetinkaya-1 and Çetinkaya-2.
Dune Oil Corp. (CSE: DUNE) (OTCQB: DUNXF) (FSE: Z62) pointed to recent oil-production growth and exploration activity in the Cudi-Gabar petroleum province of southeastern Türkiye as it advances planning for seismic work and evaluates potential re-entry and testing programs on its M47 onshore oil block.
The company framed the update as regional context for its M47 Block work, including technical evaluation of the Çetinkaya-1 (C-1) and Çetinkaya-2 (C-2) wells.
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Regional production and neighbouring drilling activity
Dune cited information it attributed to the Turkish Ministry of Energy and Natural Resources indicating that oil production in the Gabar area has increased from zero in 2021 to a record 83,300 barrels per day in August 2026, with a longer-term target of more than 100,000 barrels per day. The release also cited more than 50 million barrels of cumulative Gabar production since 2021 and an estimated economic contribution of about US$3.5 billion.
Separately, Dune referenced reporting by Turkish energy-industry publication Enerji Günlügü covering Türkiye’s state oil company, Turkish Petroleum Corporation (TPAO). According to the release, the publication reported six TPAO drilling-project groups that identified 22 individual well locations in TPAO’s Mehmet Irfan Güler oil field on exploration licences immediately north of Dune’s M47-C3/C4 licences. Dune described the filings as reflecting ongoing development and field delineation work on neighbouring acreage.
Dune also pointed to comments it attributed to Energy and Natural Resources Minister Alparslan Bayraktar, who said on October 18, 2026 that TPAO expects to announce significant new oil discoveries west of Gabar once technical confirmation is completed. Dune noted that the location and estimated quantities for any such discovery had not been publicly identified.
Dune’s M47 work program and well evaluation
Dune said its M47 Block targets similar Cretaceous carbonate reservoirs to those producing in the Gabar region, while cautioning that differences between neighbouring structures can materially affect results. The company said 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 that log analysis indicates the presence of oil in those reservoirs.
In the same release, Dune reiterated earlier disclosures that it advanced US$200,000 toward a planned seismic program announced October 15, 2026, and that it appointed petroleum engineering advisors Allan Albertson, P.Eng., and Dean Casorso, MBA, CET, on October 28, 2026 to support evaluation of potential C-1 and C-2 well re-entry, deepening, testing and completion options. Dune said it intends to integrate seismic, historical drilling and petrophysical information with regional geological observations, subject to available funding and necessary approvals.
The company said it has not independently verified the third-party regional information it cited, and that results on other properties are not necessarily indicative of results on M47.
Dune described itself as a Canadian oil exploration company focused on southeastern Türkiye and said that, under a farm-in agreement, it may earn a 29% working interest in the M47-C3/C4 exploration licences, subject to outstanding funding, contractual and regulatory requirements.
The original press release is available on stockhouse.com
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