Sable Offshore Corp. Announces $150 Million Private Placement of Equity and Warrant Exercise Update Page 1

Sable Offshore Corp. (NYSE: SOC, “Sable” or the “Company”) today announced that it has entered into subscription agreements to issue 7,500,000 shares of its common stock in a private placement to institutional investors. Sable expects to receive gross proceeds of approximately $150 million, before deducting placement agent fees and other offering expenses.

The private placement is expected to close on September 23, 2024, subject to the satisfaction of customary closing conditions. The Company intends to use the proceeds of the private placement for capital expenditures, working capital and other general corporate purposes.