Sable Offshore Says Santa Barbara County Acknowledged It Lacks Jurisdiction Over Pacific Pipeline Co's Installation Of 16 New Safety Valves, As Per A Conditional Settlement Agreement On August 30, 2024, Plans To Dismiss A Pending Lawsuit Post-Installation; Sable Expects To Restart Production In Q4 2024
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Sable Offshore announced that Santa Barbara County acknowledged it lacks jurisdiction over Pacific Pipeline Co's installation of 16 new safety valves. A conditional settlement agreement was reached on August 30, 2024, and Sable plans to dismiss a pending lawsuit post-installation. Production is expected to restart in Q4 2024.
September 03, 2024 | 4:03 pm
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Sable Offshore reached a settlement regarding jurisdiction over safety valve installations, allowing them to dismiss a lawsuit and plan for production restart in Q4 2024.
The resolution of jurisdictional issues and the planned dismissal of a lawsuit are positive developments for Sable Offshore, allowing them to proceed with safety valve installations and restart production. This is likely to have a positive impact on their stock price.
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