M&A - Sable Offshore Corp.

Form Type: 10-K

Filing Date: 2025-03-17

Corporate Action: Merger

Type: New

Accession Number: 000183148125000016

Filing Summary: Sable Offshore Corp., previously known as Flame Acquisition Corp., underwent a significant business transformation culminating in a merger and associated transactions that completed on February 14, 2024. Under the Merger Agreement, Sable Offshore acquired the Santa Ynez field assets (SYU Assets) from Exxon Mobil Corporation and Mobil Pacific Pipeline Company, which included three offshore platforms and an onshore processing facility. This acquisition marks a critical step toward re-establishing production operations that had been suspended since a pipeline incident in 2015. Following the merger, Sable has committed substantial resources towards the restoration of production capabilities, initiating hydrotesting of the pipeline in early 2025 to facilitate a potential restart of operations within the second quarter of 2025. The company's shares and associated warrants began trading on the NYSE on February 15, 2024, under the ticker symbols "SOC" and "SOC.WS" respectively. Subsequent to the merger, Sable Offshore is positioned to navigate its operational and financial future focusing on the resumed production from the SYU.