In November 2022, the companies Flame Acquisition, Sable Offshore Holdings, LLC, and Sable Offshore Corp., entered into a merger agreement. Under the terms of the agreement, Sable Offshore Corp. has agreed to acquire certain offshore California assets from ExxonMobil. Flame Acquisition 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 expected to begin trading on the New York Stock Exchange on February 15th. The announcement was made by Flame Acquisition on Monday.
Flame Acquisition shareholders have approved the company’s previously announced business combination among Flame, Sable Offshore Holdings, LLC, and Sable Offshore Corp. This merger is a significant milestone for all involved parties and is expected to bring about positive changes for their operations in the future.