In this episode of Yet Another Value Podcast, host Andrew Walker speaks with Ben Kelleran of Kontrarian Korner to discuss Sable Offshore, a company attempting to revive the Santa Ynez oil unit off the California coast. They explore the high-stakes nature of this investment, dissect the complex legal battles with California regulators, and assess the upside potential of the project if full production is achieved. The conversation covers Sable's SPAC history, economics, leadership, refinancing plans, and what needs to happen for the company to fully restart operations and generate significant returns.
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[00:00:00] Introduction and sponsor message
[00:01:59] Guest Ben Kalleran joins
[00:03:02] Overview of Sable Offshore
[00:04:15] SPAC history and asset deal
[00:06:23] Legal/regulatory hurdles explained
[00:09:12] Why Exxon sold the asset
[00:12:32] Sable’s CEO and management
[00:15:13] Current production status
[00:17:13] Economics and ramp potential
[00:20:46] Valuation compared to peers
[00:24:02] Equity raise explained
[00:27:49] Debt refinancing plans[00:29:56] Legal timeline expectations
[00:34:14] Fire Marshal’s role discussed
[00:41:12] Takings claim details[00:43:40] All-clear signal for investors
[00:47:56] Why O&G funds are hesitant
[00:49:57] Key dates and next steps
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