Sable Offshore Corp. Provides Strategic Update to Investors

Sable Offshore Corp. (“Sable” or the “Company”) (NYSE: SOC) today, in its updated investor presentation, provided a strategic update to investors. Sable is actively evaluating and pursuing an accelerated Offshore Storage and Treating Vessel (“OS&T”) strategy as its main path to unlocking the value of the Santa Ynez Unit (“SYU”).

Sable submitted a Development and Production Plan update for the SYU to the U.S. Department of the Interior on October 9, 2025. Prior to implementation of the OS&T strategy, regulatory authorizations are required, including clearance from the U.S. Department of the Interior. Sable is working to receive regulatory clearance for its OS&T strategy. Sable has identified multiple potential vessels and expects to opportunistically acquire an existing OS&T in Q1 2026. Sable expects to complete vessel topside modifications, platform modifications, and vessel installation at the SYU before recommencing oil sales in the fourth quarter of 2026. Sable expects that the OS&T strategy will be beneficial to investors long term through the achievement of lease operating expense savings, crude oil marketing benefits, and a favorable regulatory environment.

Amendment of the Senior Secured Term Loan

On November 3, 2025, the Company and Exxon Mobil Corporation entered into an amendment (the “Amendment”) the Senior Secured Term Loan Agreement (the “Existing Secured Term Loan” and, after the Amendment is effective, the “Senior Secured Term Loan”). The Amendment will become effective upon the satisfaction of certain conditions, including the Company receiving equity contributions in an amount of no less than $225.0 million, net of underwriting fees and other transaction costs and expenses, and other customary closing conditions. The Amendment, once effective, will extend the maturity date of the Existing Secured Term Loan to the earlier of (i) March 31, 2027 or (ii) 90 days after first sales of Hydrocarbons (as defined in the Existing Secured Term Loan). The Amendment, once effective, will increase the interest rate from ten percent (10%) per annum to fifteen percent (15%) per annum, compounded annually, payable in arrears on January 1st of each year. At the Company’s election, accrued but unpaid interest may be deemed paid on each interest payment date by adding the amount of interest owed to the outstanding principal (paid-in-kind) amount under the Senior Secured Term Loan. The Amendment will also include additional reporting covenants and a financial liquidity covenant that will require the Company to have not less than $25.0 million in unrestricted cash, measured at the end of each month. There is no guarantee that the Company will be able to satisfy the necessary conditions to effect the Amendment.