In November 2022, the companies entered into an agreement and plan of merger. Sable Offshore Corp. has agreed to acquire certain offshore California assets from ExxonMobil, Flame Acquisition announced on Monday. The deal is expected to close on or about February 14. Shares of the combined company, Sable Offshore Corp., are expected to begin trading on the New York Stock Exchange on February 15.
Flame Acquisition said that its shareholders have approved the previously announced business combination among Flame, Sable Offshore Holdings, LLC, and Sable Offshore Corp. The deal is expected to bring in $62.2 million into Flame’s trust account before the business combination takes place.