Sable Offshore(US:SOC) Businesswireยท2025-10-06 10:41Core Viewpoint - Sable Offshore Corp. is seeking over $347 million in damages due to delays and damages related to the restart of the Las Flores Pipeline System, following a cease and desist order from the California Coastal Commission [2][3]. Group 1: Legal Actions and Claims - The company is filing a motion to amend its lawsuit to quantify monetary damages in its inverse condemnation claim against the California Coastal Commission [1]. - Sable has also filed a declaratory judgment action against the State of California to confirm that certain provisions of SB 237 do not apply to the Las Flores Pipeline System [2]. Group 2: Operational Updates - Sable is working with the State of California to safely resume petroleum transportation through the Las Flores Pipeline System in accordance with its Federal Consent Decree [3]. - The company has restarted production from the Santa Ynez Unit assets in May 2025, but has not sold commercial quantities of hydrocarbons since June 2015 [7]. Group 3: Historical Context and Future Plans - The Santa Ynez Unit produced over 160 million barrels of oil equivalent from 1981 to 1994 using an accelerated Offshore Storage and Treating Vessel strategy [3]. - Continued delays in the restart plans may lead Sable to pursue the Offshore Storage and Treating Vessel strategy again [3]. Group 4: Company Overview - Sable Offshore Corp. is an independent oil and gas company based in Houston, Texas, focused on developing the Santa Ynez Unit in federal waters offshore California [4].