In November 2022, the companies Sable Offshore Holdings, LLC and Flame Acquisition announced their agreement and plan of merger. Under the terms of the deal, Sable Offshore Corp. has agreed to acquire certain offshore California assets from ExxonMobil. Flame will have about $62.2 million in its trust account prior to the business combination.
The deal is expected to close on or about February 14th, and shares of the combined company, Sable Offshore Corp., are set to begin trading on the New York Stock Exchange on February 15th. This business combination among these companies is a significant development in the offshore oil and gas industry.
Flame Acquisition’s shareholders have approved the company’s previously announced business combination with Sable Offshore Holdings, LLC and Sable Offshore Corp. This merger is expected to bring together two leading players in the offshore oil and gas industry, creating a new entity that will be well-positioned for growth and success in this rapidly evolving marketplace.
The companies involved in this transaction have a long history of working together in various capacities, including as partners on joint ventures and as service providers to each other’s operations. This experience has helped them develop a strong relationship based on mutual trust and respect, which they believe will be critical to their continued success as they move forward together as one entity.