Sable Offshore Disagrees With Court's Ruling In Case Against California Coastal Commission

(RTTNews) - Sable Offshore Corp. (SOC), Wednesday announced that it disagrees with the Santa Barbara Superior Court's tentative ruling, which denied the company's claims against the California Coastal Commission.

The company intends to appeal this ruling to the California Court of Appeal if the ruling is adopted by the Santa Barbara Superior Court.

If adopted after the court's hearing scheduled on October 15, the ruling would have no impact on the resumption of petroleum transportation through the Las Flores Pipeline System, the company noted.

Jim Flores, Chairman and CEO of Sable said, "Although the tentative ruling is disappointing, it has no impact on Sable's business strategy of either resuming petroleum transportation through the Las Flores Pipeline System or selling its Santa Ynez Unit production through an OS&T."

Moreover, the company plans to continue its pursuit of the writ of mandate in the Court of Appeal as well as declaratory relief and inverse condemnation claims in excess of approximately $347 million.

In the pre-market hours, SOC is dropping 26.54 percent, to $13.01 on the New York Stock Exchange.