Sable Offshore operational update: 40 wells online, Hondo in June, refinancing planned, litigation for $347M

Sable Offshore Corp.

40 of 74 wells on Platforms Harmony/Heritage producing avg 750 gross bpd; full ramp expected ~700 bpd per well.
Platform Hondo expected online June 2026 with fully ramped rate of ~10,000 gross bpd.
Capital spend ~$180M from Apr-Dec 2026 for facility upgrades, maintenance, and production optimization.
Plans debt refinancing of Senior Secured Term Loan in Q2 2026; seeking federal credit support; $95M raised via ATM.
Pursuing at least $347M damages from California Coastal Commission and >$100M from Santa Barbara County for permit actions.

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