From Yahoo Finance: 2025-05-26 06:31:00

Sable Offshore has completed an upsized public offering, selling 10 million shares at $29.50 each, totaling approximately $295m in gross proceeds. The company plans to use the funds for capital expenditures and general corporate purposes, with J.P. Morgan and Jefferies as joint book-running managers. Additionally, production has resumed at the Santa Ynez Unit, and oil flow has begun to Las Flores Canyon.

The company also announced the repair completion of the Las Flores Pipeline System, fulfilling requirements of the Consent Decree. Seven out of eight sections of the Onshore Pipeline have undergone successful hydrotesting, with plans for the final test to meet operational conditions. Sable Offshore aims to fill 540,000 barrels of crude oil storage capacity at LFC by mid-June and restart oil sales in July 2025.

Sable Offshore, based in Houston, Texas, is an independent oil and gas company focused on responsible resource development in the Santa Ynez Unit offshore California. They have a team skilled in safe operations within the state. This news was originally reported by Offshore Technology.



Read more at Yahoo Finance: Sable Offshore concludes upsized public offering