Twitter Spaces On Sable & Some Thoughts
A Link To My Conversation With Jason Strom And Q&A On Sable & A Brief Summary On Where We Stand Today
Yesterday I was invited to hop on a Twitter Spaces with Jason Strom on the recent news around Sable Offshore SOC 0.00%↑. The stock was flying yesterday (up 25%) after they filed an 8-K which basically says the company is able to work on the pipelines without any additional permits (meaning the CCC cease & desist is in the rear view mirror). The filing also included a note that the PHMSA doesn’t have any issues with the company planning to implement the Fire Marshal’s enhanced integrity standards. If you want to listen to the full conversation on it, you can look up Jason on Twitter or click the link above.
On February 12, 2025, the Santa Barbara County Planning and Development Department (the “County”) delivered a letter to Sable Offshore Corp. (“Sable”) confirming that certain pipeline repair work on the Las Flores Pipeline System (the “Pipeline”) is “authorized by the existing permits (Final Development Plan, Major Conditional Use Permit, and associated Coastal Development Permits) and was analyzed in the prior Environmental Impact Report/Environmental Impact Statement (EIR/EIS).” The letter states in part that “[t]he County previously exercised its authority under its Local Coastal Program and delegated Coastal Act authority in approving the permits and the requested anomaly repair work is within the scope of those approved permits.” A copy of this letter is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
In addition, also on February 12, 2025, the County, acting under its certified Local Coastal Program authority under the Coastal Act, delivered a letter to the California Coastal Commission (the “Commission”). In this letter, the County states that the anomaly repair work as described in the attachments is “authorized by the existing permits (Final Development Plan, Major Conditional Use Permit, and associated Coastal Development Permits) and was analyzed in the prior Environmental Impact Report/Environmental Impact Statement. Thus, no further application to or action by the County is required.” A copy of this letter is attached hereto as Exhibit 99.2 and is incorporated herein by reference.
Separately, the U.S. Department of Transportation Pipeline and Hazardous Materials Safety Administration (“PHMSA”), on February 11, 2025, delivered notices to the California Office of the State Fire Marshal (the “OSFM”) that PHMSA does not object to the OSFM’s December 17, 2024 Letter of Decision approving the implementation of enhanced integrity standards for the Pipeline through OSFM’s granting of state waivers of certain regulatory requirements related to cathodic protection and seam weld corrosion for the Pipeline. Copies of these notices are attached hereto as Exhibits 99.3 and 99.4 and are incorporated herein by reference.
Some Thoughts
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