Dune Oil advances Gabar exploration with new seismic program ahead of drilling

Dune Oil Corp (CSE:DUNE, OTCQB:TRLEF, FRA:Z620) announced that it is advancing exploration enactment connected its Gabar Block successful southeastern Türkiye, with a tender underway for a 40-kilometre 2D seismic programme up of further drilling expected to beryllium finalized by September 2026.

The Gabar Block covers astir 450 quadrate kilometres successful the M47 areas of the Gabar petroleum province, wherever Dune has the close to gain up to a 29% moving involvement nether an statement dated Jan. 9, 2026, arsenic amended. The institution is earning its involvement done a staged US$15 cardinal enactment programme commitment, of which US$800,000 has been precocious year-to-date.

An autarkic assets valuation completed by Chapman nether NI 51-101 standards assigned the North Prospect a 2C contingent assets of 27.6 cardinal barrels, on with an unrisked NPV-10 of US$733.5 cardinal and a risk-adjusted worth of US$594.2 million. The valuation assigned the assets an 81% accidental of commerciality.

Dune said full unrisked assets imaginable crossed its 3 prospects stands astatine 51.6 cardinal barrels nett to the company. The North Prospect has imaginable for up to 80 vertical improvement wells, taxable to commerciality.

The institution is readying to get the caller seismic information crossed 3 precedence exploration areas implicit astir six weeks utilizing nodal signaling technology. Dune said the programme is intended to amended its knowing of fault-related structures and place further drilling targets.

A high-resolution gravity survey completed betwixt May and June identified what the institution described arsenic important fault-related structures and precedence leads crossed the licence. A tract scouting programme was completed connected July 29-30 to verify projected seismic lines and find required excavation work.

Dune said lone astir 25% of the Gabar Block is presently covered by seismic data. It expects the caller programme to place 4 to six further drillable exploration locations and plans to denote its adjacent drilling targets erstwhile the seismic enactment is completed.

The company's Çetinkaya-1 well, drilled successful 2025, encountered 32.4-degree API airy lipid and 38 metres of gross pay. Drilling was halted astatine a extent of 2,455 metres due to the fact that of mislaid circulation, leaving astir 160 metres of imaginable reservoir unpenetrated. Dune expects to re-enter the good aboriginal this twelvemonth for further accumulation testing.

The Gabar Block is located astir 11 kilometres southeast of the Şehit Aybüke Yalçın field, which Dune described arsenic Türkiye's largest onshore airy lipid discovery. The institution said the artifact targets akin Beloka and Mardin Group carbonate reservoirs.