Key Highlights

● Sable says reconstruction and internal commissioning of Platform Hondo are complete, with the restart expected in the fourth quarter.

● Final review and approval of the commissioning submission by the regulator it calls MMA is anticipated in October 2026.

● Perf Adds would be completed on nine of Hondo's 15 wells before restart, compared with five previously expected.

● Oil sales averaged approximately 32 thousand gross barrels per day in July and August, and about 34 thousand in September.

Sable Offshore Corp. (NYSE:SOC) filed a Form 8-K on September 29, 2026, furnishing an operational update dated September 28, 2026, under Item 7.01 (Regulation FD Disclosure). The update says reconstruction and internal commissioning of Platform Hondo are complete, that final review and approval of the platform's commissioning submission by the regulator it refers to as MMA is anticipated in October 2026, and that the platform is expected to restart in the fourth quarter of 2026. It also says the company plans additional well work before then and gives recent and expected oil sales volumes.

Platform Hondo

According to the update, the platform has been modernized from manual controls to current technology and safety standards. What remains is a final review and approval of the instrumentation, control and safety commissioning submission, which the company expects in October 2026, along with additional testing and commissioning that is also expected that month. The update does not give a specific restart date beyond the fourth quarter, so the timing depends on the approvals and steps described.

Hondo has 15 production wells. The company says it plans four additional perforation-addition operations, known in its update as Perf Adds, to accelerate completion ahead of the restart. With those, nine of the 15 wells would have completed Perf Adds before the restart, compared with five previously expected. The company estimates each operation would add about 600 barrels of oil per day of production, at a cost of approximately $800,000 per operation.

Sales Volumes

The update reports oil sales in gross barrels per day. Sales averaged approximately 32 thousand gross barrels per day across July and August 2026 and about 34 thousand in September. For October, nominations are expected to average 38 thousand gross barrels per day. The company also says its October exit rate is approximately 45 thousand gross barrels per day before any volumes from Hondo. These are estimates and expectations, not audited results.

Onshore Processing

The update also addresses the Las Flores Canyon Midstream facility. It says the Facility currently processes about 80 percent of the productive capacity of the Harmony and Heritage platforms, and that upgrades are planned so that it can handle all three Santa Ynez Unit platforms at full capacity before Hondo restarts in the fourth quarter of 2026. The sequence therefore has several steps: regulatory approval and commissioning on the platform, well work to lift production, and onshore capacity to process the added volumes.

The update's forward-looking statements section says actual results may differ materially from those described. Among the risks it lists are financing availability, regulatory uncertainty, operational risk and economic conditions, and it specifically refers to regulatory oversight by the Pipeline and Hazardous Materials Safety Administration, a DPA Order and possible implementation of what it calls an OS&T Strategy or a Buoy Strategy, the refinancing of the company's Senior Secured Term Loan B, environmental and weather risks, and litigation and adverse publicity. The update names Harrison Breaud, Vice President, Finance and Investor Relations, as the investor contact.

Platform Hondo Restart Hinges on October Approvals

The update sets out a sequence of dated markers. In October 2026, the company expects final MMA approval of the commissioning submission and additional testing and commissioning, and it expects October nominations to average 38 thousand gross barrels per day. Before the restart, it expects to complete the Perf Add operations on nine wells and to finish the Las Flores Canyon upgrades. The platform restart itself is targeted for the fourth quarter of 2026.