Dune Oil Corp (CSE:DUNE, OTCQB:TRLEF, FRA:Z620) earlier this week announced the completion of its corporate rebrand from Trillion Energy International, reflecting a strategic shift toward oil exploration while providing an update on financing and exploration activities in southeast Turkey.
President Scott Lower told Proactive that the company adopted its new identity following a lengthy review process designed to better align its branding with its evolving business strategy. He explained that the previous Trillion name had become closely associated with natural gas, whereas the company's focus has now shifted to oil exploration.
Proactive: Welcome back inside our Proactive newsroom. Joining me is Scott Lower, President of Trillion Energy International—at least that was the name until the company recently rebranded as Dune Oil Corp (CSE:DUNE, OTCQB:TRLEF). Good to see you, Scott. How are you?
Scott Lower: Doing very well. How are you doing?
Very well. You've rebranded as Dune Oil Corp. Tell us about the reasoning behind the change.
The Trillion name was focused on natural gas. Since we've completed a strategic pivot and our new focus is oil, we felt a new name better reflected where the company is headed. We spent months considering many different possibilities and debated whether to keep the existing name. Ultimately, we decided it was time to move on, start with a fresh name, a fresh project and fresh opportunities for investors.
The company has also changed its ticker on the Canadian Securities Exchange to DUNE. Do shareholders need to do anything?
No. Shareholders don't need to take any action. Their shares will automatically change to the new name in their accounts and business continues as usual.
You also provided an update on financing activities. Tell us about that.
We've raised approximately $2.5 million over the last two or three months. Much of that funding has gone toward the seismic program currently underway in Turkey. The seismic work will help us identify and better define a number of existing and potential oil exploration locations, so we're very excited about getting that program underway.
Tell us more about the Turkey project and the next important milestones.
It's a very exciting exploration block with a recent discovery located in a newly identified fairway in southeast Turkey, extending from the Syria-Iraq border and the Zagros Basin area. This oil belt wasn't recognized until about five years ago. Since that initial discovery, seven fields have been discovered and brought into production, with around 80,000 barrels per day now being produced in the area. Through our interest in this block, we have the opportunity to participate in that growing production trend.
Exciting times ahead. Congratulations on the official launch of Dune Oil Corp and thanks for the update.
Thanks.
Quotes have been lightly edited for style and clarity