M47 Exploration Licence – Dune Oil Corp. Announces Field Scouting and Geophysical Program Update

Editor's note (October 2026): this web copy was revised following a regulatory review of the Company's oil and gas disclosure and differs from the version filed on SEDAR+. The complete resource disclosure, by Chapman Hydrogen and Petroleum Engineering Ltd., an independent qualified reserves evaluator, effective March 31, 2026, is in the Company's news release of April 16, 2026. Estimated values of future net revenue do not represent fair market value. There is uncertainty that it will be commercially viable to produce any portion of the resources.

June 30, 2026 - Vancouver, B.C. - Dune Oil Corp. ("Dune Oil Corp." or the "Company") (CSE: DUNE) (OTCQB: TRLEF) (Frankfurt: Z62) is pleased to announce that a successful technical field scouting program was recently completed across the M47 exploration licence area in southeastern Türkiye in preparation for a planned geophysical data acquisition campaign during the upcoming 2026 field season.

The scouting program was undertaken by the project's technical team on June 6-8 and focused on evaluating key exploration leads, validating geological interpretations, and optimizing the design of future geophysical surveys. The program combined field observations with the review of historical subsurface information, existing seismic datasets, well control, and regional geological models.

Particular attention was given to prospective structural trends identified in the eastern and northeastern portions of the licence area. Surface geological observations confirmed the presence of significant fault-related structural features, which are important for understanding hydrocarbon migration pathways and potential trapping configurations. These observations provide additional support for previously interpreted subsurface structures and help reduce geological uncertainty in several priority target areas.

The planning of the proposed seismic program has also been guided by the results of a recently completed high-resolution gravity study. Integration of gravity data with existing geological and well information has helped identify several structural leads requiring further evaluation. In addition, publicly available information on nearby discoveries and development activities conducted by Türkiye's national oil company along the eastern margin of the licence has contributed to refining the structural framework and prioritizing exploration targets.

Based on the integrated interpretation, several new seismic lines have been designed to improve imaging across key prospective and proven structures. The planned survey is intended to better define fault geometries, structural closures, reservoir continuity, and relationships between identified leads and adjacent producing trends. The program is expected to significantly enhance understanding of the licence area's development and exploration potential, to support future drilling decisions.

The scouting program also reviewed historical drilling results from structures located in the northeastern part of the licence. Variations observed between nearby wells suggest a more complex fault-controlled structural framework than previously recognized. Existing seismic coverage appears insufficient to fully resolve these relationships, highlighting the importance of acquiring additional geophysical data to improve subsurface interpretation and prospect ranking.

A preliminary geological and geophysical model has been developed by integrating well data, existing seismic information, gravity data, and field observations. This model provides a refined understanding of the regional tectonic setting and supports the identification of additional exploration opportunities within the licence area.

The planned seismic acquisition program is expected to use modern nodal recording technology, which is well-suited to the region's topography and operational conditions. Survey design has been optimized to maximize data quality while maintaining operational efficiency. Detailed technical planning is currently underway, and the resulting dataset is expected to materially improve subsurface imaging across priority exploration targets.

The Company believes that the combination of field validation, gravity interpretation, historical well analysis, and the planned seismic acquisition program represents an important step toward de-risking exploration prospects within the M47 licence area and advancing the project toward future drilling opportunities.

Figure 1. Regional Map with TCF Blocks and surrounding production and discoveries

Scott Lower, President of Dune Oil Corp., stated:

"The technical field scouting program is a valuable step towards realizing the potential of the M47 licence area and has helped focus our planned seismic program on the most promising areas. We are encouraged by the integration of geological observations, gravity interpretation and nearby field analogues, which continue to strengthen our understanding of the licence's exploration potential. The planned seismic survey is expected to play a key role in advancing target definition and supporting future drilling decisions for the North discovery development concepts and the Mid and South exploration areas. Our vision is to have a multi-field producing block in the shortest timeframe possible."

About the M47c,d Oil Block

The M47c,d oil block covers approximately 450 km² within the Cudi-Gabar petroleum province, one of Türkiye's most active onshore oil regions. Block M47C3,C4 is located approximately 11 km southeast of Türkiye's largest onshore light oil discovery, the Şehit Aybüke Yalçın field, which contains oil in the same Beloka and Mardin Group carbonate reservoirs as M47. The region hosts significant established production, with over 100 analogue wells operating within a 2-to-12-kilometre radius, targeting the Mardin and Beloka reservoir intervals that Dune Oil Corp. is targeting on M47c,d.

As previously announced on April 16, 2026, an independent third-party resource evaluation, effective March 31, 2026, prepared in accordance with COGEH, identified meaningful contingent and prospective oil resources on the Block, providing a strong foundation for the upcoming work program.

Highlights include:

• Independent NI 51-101 contingent resource evaluation of the North Prospect by Chapman Hydrogen and Petroleum Engineering Ltd., effective March 31, 2026 (see the Company's news release of April 16, 2026).

• Approximately 11 km from the Şehit Aybüke Yalçın oil field, Türkiye's largest onshore oil discovery, in the same Beloka and Mardin Group reservoirs as M47.

• Light oil confirmed at 32.4° API gravity at the C-1 and C-2 wells, with 38 metres of net oil pay at C-1.

• Gabar regional fields produce approximately 80,000 bbl/d, with a stated target of 100,000 bbl/d and five new oil fields discovered nearby in about five years.

• Upcoming planned seismic and drilling programs.

About the Company

Dune Oil Corp. Inc is focused on oil and natural gas production for Europe and Türkiye with natural gas assets in Türkiye. The Company is 49% owner of the SASB natural gas field, a Black Sea natural gas development and a 19.6% (except three wells with 9.8%) interest in the Cendere oil field. More information may be found onwww.sedarplus.ca, and our website.

Contact
Sean Stofer, Chairman

Brian Park, VP of Finance

1-778-819-1585

E-mail: [email protected]

Website: www.trillionenergy.com