Dune Oil Corp. (CSE: DUNE) has announced two significant developments for its M47 oil exploration block in southeastern Türkiye: the contract award for a 2D seismic acquisition program and the highlighting of new oil discoveries by Turkish Petroleum (TPAO) in the adjacent Cudi-Gabar region. TPAO announced the Gaziler and Çardaklı fields on November 9, 2026, increasing its production fields in the region from eight to ten, with the Gaziler field situated directly north of M47. Investors may be watching whether regional activity from the state-owned operator translates into increased confidence around Dune's own exploration programme.

Key Points

  • Dune Oil Corp. (CSE: DUNE | OTCQB: DUNXF | FSE: Z621) holds an agreement to earn a 29% working interest in the M47 block (C3 and C4 licences) in Türkiye's Cudi-Gabar petroleum province.
  • Dune has awarded the contract for a 45-kilometre, six-line 2D seismic acquisition program across M47, with a budget estimated at approximately US$600,000 net to the company.
  • TPAO reports approximately 135 million barrels of oil-in-place potential across its area under evaluation; this is TPAO's figure and is not a recoverable volume or a Dune resource estimate.
  • Field mobilisation is planned to commence in November 2026, with acquisition completion expected by February 2027.

TPAO's Gaziler and Çardaklı Discoveries Extend Regional Activity Around M47

TPAO's November 9, 2026 announcement identified two new oil fields — Gaziler and Çardaklı — bringing its total Cudi-Gabar production fields to ten. The Gaziler field lies directly north of Dune's M47 block, with its first well estimated at approximately 4 to 5 km from M47. TPAO has stated plans to drill 40 new wells across the two fields and is targeting an approximately 30% increase in regional oil production, with daily output expected to exceed 100,000 bbl/d in 2027. Dune notes this information is third-party data attributed solely to TPAO and has not been independently verified by the company.

22 TPAO Well Locations Identified Within 1 to 2 km of Dune's M47-C3/C4 Licences

Separately, Turkish energy publication Enerji Günlüğü reported during August 25–28, 2026 that six TPAO drilling-project groups had identified 22 individual well locations in TPAO's Mehmet İrfan Güler (MIG) Oil Field on the M47-C1/C2 exploration licences, situated 1 to 2 km north of Dune's M47-C3/C4 licences. The MIG Oil Field commenced production in 2024. Dune cautions that results on neighbouring properties are not necessarily indicative of results on M47, and no reserves, resources, or commercial outcomes for Dune's property can be inferred from third-party activity.

Dune's US$600,000 Seismic Program Moves from Tender to Field Execution

The company has formally awarded a contract for 2D seismic data acquisition covering approximately 45 kilometres across six lines on the M47 Gabar licence area in Şırnak Province. The program budget is estimated at approximately US$600,000 net to Dune, with US$200,000 already advanced. Nodal recording technology has been selected for its operational flexibility in rugged terrain. The survey aims to sharpen definition of fault-controlled structural traps and prospective leads, particularly in the eastern portion of the licence, to support planned 2027 drilling activity including a planned re-entry of the C-2 well and sidetrack of the C-1 well.