Santa Ynez Unit (SYU) Asset Overview - SYU is a massive oil-weighted resource with three offshore platforms and wholly-owned onshore production treatment facilities[7] - SYU produced at a rate of 45,000 BOE/D at shut-in in 2015 and restarted production on May 15, 2025[7] - The asset has a significant production history, with over 671 MMBoe produced between 1981 and 2014[24] - The remaining total net estimated contingent resources are 646 MMBoe[22] Operational Plans and Options - Sable is pursuing two options to extract value from SYU: purchasing an Offshore Storage and Treating Vessel (OS&T) or utilizing the Las Flores Canyon and Pipeline System[14] - Option 1 (OS&T) is estimated to require approximately $450 million in capital[32] - Option 1 (OS&T) is projected to achieve cost savings of approximately $10/BOE relative to Option 2, potentially saving over $175 million annually assuming 50 MBOE/D of net production[56] - Option 2 (Pipeline) could potentially increase California domestic crude supply by approximately 15%[32] Financial Guidance and Projections - Under the OS&T option, Sable projects net average daily production of 45,000-55,000 BOE/D by Q1 2027[56] - Under the Pipeline option, Sable projects net average daily production of 45,000-55,000 BOE/D by Q1 2026[56] - Total Capex for Option 1 (OS&T) in FY2026 is estimated to be $425-$475 million[56] - Total Capex for Option 2 (Pipeline) in FY2026 is estimated to be $240-$270 million[56]

Table of Contents As filed with the Securities and Exchange Commission on February 14, 2024. Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Sable Offshore Corp. (Exact Name of Registrant as Specified in Its Charter) (State or Other Jurisdiction of Incorporation or Organization) Delaware 1311 85-3514078 (Primary Standard Industrial Classification Code Number) (I.R.S. Employer Identification No.) 70 ...

Table of Contents Registration No. 333- As filed with the Securities and Exchange Commission on February 14, 2024. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Sable Offshore Corp. (Exact Name of Registrant as Specified in Its Charter) (State or Other Jurisdiction of Incorporation or Organization) Delaware 1311 85-3514078 (Primary Standard Industrial Classification Code Number) (I.R.S. Employer Identification No.) 70 ...