Flame Acquisition in an amended proxy filing said its PIPE investors in the proposed Sable Offshore Deal agreed to extend the $57 million subscription from July 31 to March 1, 2024.
The target is a Nova Scotia-based natural gas exploration consortium.
Flame also signed an agreement on similar terms with investors in a $7.5 million PIPE supporting the SAble deal. The SPAC said it intends to secure another amendment to the agreement with the remaining Sable PIPE investor.
As announced last November, the deal has an $883 million enterprise value. At that time, the SPAC said it intended to pursue PIPE subscriptions totalling up to $400 million. Flame has also secured a $623 million five-year term loan at 10% annual interest. The loan requires a $19 million deposit up front.
Sable has an agreement to acquire the Santa Ynez oil field in Federal waters off the California coast and associated onshore processing and pipeline assets from Exxon Mobil and Mobil Pacific Pipeline Company for $625 million. Read more.
