Sable Offshore(US:SOC) Prnewswireยท2025-06-20 21:53Company Overview - Sable Offshore Corp. is an independent oil and gas company operating oil drilling platforms in the Santa Ynez Unit off the coast of Santa Barbara, California [3] Allegations and Events - On May 19, 2025, Sable announced its intention to restart oil extraction from a drilling platform that had previously shut down due to a massive oil spill in 2015 [4] - Following this announcement, Sable conducted a public offering of common stock at $29.50 per share, which closed on May 23, 2025, generating approximately $259 million in gross proceeds [4] - The California State Land Commission issued a warning letter on May 23, 2025, alleging that Sable's press release mischaracterized the nature of its activities, causing public confusion and raising questions about the company's intentions [5] - Subsequently, the California Coastal Commission filed a preliminary injunction against Sable regarding maintenance and repair work on its onshore pipeline system, which was approved by the Santa Barbara County Superior Court on May 28, 2025 [5] - Following the injunction, Sable's stock price declined by $5.04 per share, approximately 15%, from $32.93 on May 27, 2025, to close at $27.89 on May 28, 2025 [5]