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HOUSTON, January 2, 2025–(BUSINESS WIRE)–Today, Sable Offshore Corp. (“Sable”) provided an update on the previously announced Center for Biological Diversity et al. v. Debra Haaland et al. lawsuit (the “Haaland Lawsuit”). On December 20, 2024, the U.S. Department of Justice (in its capacity as counsel to the U.S. Bureau of Safety and Environmental Enforcement, or “BSEE”) filed a motion to remand the Haaland lawsuit to BSEE without vacancy, allowing BSEE to 2023 lawsuit would reconsider. decision approving an extension of the resumption of leases for the Santa Ynez unit. Assuming the motion is granted, Sable plans to work with the government to facilitate an expeditious review and that the government’s previous extensions to resume operations were both appropriate and permitted. Additionally, Sable’s activities at the Santa Ynez Unit remain unaffected under the government’s proposed pretrial detention. In the event that a non-governmental third party attempts to unlawfully hinder Sable from restarting the Santa Ynez Unit, which contains net estimated contingent resources currently valued at more than $10 billion, Sable is prepared to vigorously pursue all available legal remedies.
About Sabel
Sable Offshore Corp. is an independent oil and gas company headquartered in Houston, Texas, focused on the responsible development of the Santa Ynez Unit in federal waters off the coast of California. The Sable team has extensive experience operating safely in California.
Forward-Looking Statements
The information in this press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words “could”, “should”, “will”, “could” ‘ ” “believe”, “anticipate”, “intend”, “estimate”, “expect”, “project”, “continue”, “plan”, predict”, “predict”, “potential”, “future” , “prospects,” and “target,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements will contain such identifying words. These statements are based on the current beliefs and expectations of Sable’s management and are subject to significant risks and uncertainties. Factors that could cause Sable’s actual results to differ materially from those described in the forward-looking statements include: : the possibility of resuming production of the SYU assets and the costs and time required to do so; lawsuits, complaints and/or negative publicity; our ability to comply with laws and regulations applicable to our business; and other one-time events and other factors that can be found in Sable’s Annual Report on Form 10-K for the year ended December 31, 2023, and any subsequent Quarterly Report on Form 10-Q or the Current Report on Form 8-K, which have been filed with the Securities and Exchange Commission and are available on Sable’s website (www.sableoffshore.com) and on the Securities and Exchange Commission website (www.sec.gov). Except as required by applicable law, Sable undertakes no obligation to publicly release the result of any revisions to these forward-looking statements to reflect the impact of events or circumstances that may arise after the date of this press release.
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Disclaimers
Non-producing assets
The Santa Ynez Unit assets have not produced commercial quantities of hydrocarbons since these assets were shut down in June 2015 when the only pipeline transporting hydrocarbons from such assets to market ceased operations. There can be no assurance that the necessary permits will be obtained allowing pipeline transportation to resume and the assets to resume production. If production does not resume before January 1, 2026, the terms of the asset acquisition with ExxonMobil Corporation could result in the assets being returned to ExxonMobil Corporation without any compensation to Sable therefor.
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Contacts
Contact person for investors:
Harrison Breaud
Director of Finance and Investor Relations
[email protected]
713-579-8111