Professional Special Situation Investor, TripleS Special Situation Investing

Triple S Special Situations Investing

Professional Special Situation Investor

TripleS Special Situation Investing

Professional Special Situation Investor with over 20 years of experience.

Equity Bottom-Up

<ul><li>I’ve gone back to the well on a name that’s managed to offend almost every democrat in California, environmental NGO on the west coast, and more than a few risk officers.</li><li>Lucky for me, I am my own risk department. So, what brought me back?</li><li>The government invoked the Defense Production Act, the wells turned on, the pipe is filled, and suddenly Sable Offshore is now a real, cash flowing asset with a shot clock attached to it.</li></ul>

I’ve gone back to the well on a name that’s managed to offend almost every democrat in California, environmental NGO on the west coast, and more than a few risk officers.Lucky for me, I am my own risk department. So, what brought me back?The government invoked the Defense Production Act, the wells turned on, the pipe is filled, and suddenly Sable Offshore is now a real, cash flowing asset with a shot clock attached to it.

Founder, BWS Financial Inc

Hamed Khorsand

Founder

Independent Stock Specific Research

BWS Financial Inc

BWS provides independent stock specific research focused on companies with distinct value that are going through a special situation where there is a tangible catalyst not priced in. The catalyst can be anything from new product, restructuring, M&A, management change, change in business strategy, etc. BWS’s focus is to understand the change and evaluate the potential return for investors.

BWS utilizes a self formed proprietary approach in discovering stocks by putting great emphasis on deep research. BWS does generate short recommendations following a similar criteria.

<ul>
<li>We are initiating coverage of Sable Offshore (SOC) with a Sell Rating and $6 target.   </li>
<li>SOC is attempting to restart oil production off the coast of Santa Barbara, California that is unlikely to gain the necessary regulatory approvals to move forward.   </li>
<li>The offshore oil platforms, previously owned by XOM, have been shut down since 2015. SOC acquired the assets on the expectation it could win approval to restart production. </li>
</ul>


We are initiating coverage of Sable Offshore (SOC) with a Sell Rating and $6 target.   
SOC is attempting to restart oil production off the coast of Santa Barbara, California that is unlikely to gain the necessary regulatory approvals to move forward.   
The offshore oil platforms, previously owned by XOM, have been shut down since 2015. SOC acquired the assets on the expectation it could win approval to restart production. 


Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Thematic (Sector/Industry)

<ul><li>Still minimal oil flowing through the Strait. As talks between the US and Iran ended last weekend in Pakistan without resolution, the US announced Sunday that it would now block the Strait of Hormuz from all shipping traffic.</li><li>This news sent oil prices back above $100/bbl on Monday, with Brent and WTI both up 7% prior to each closing ~$98/bbl after President Trump commented Monday that Iran had reached out with respect to a potential war-ending proposal.</li><li>Oil front-month contract prices have now declined into the low $90s on hopes that US-Iran war-ending negotiations will resume. </li></ul>

Still minimal oil flowing through the Strait. As talks between the US and Iran ended last weekend in Pakistan without resolution, the US announced Sunday that it would now block the Strait of Hormuz from all shipping traffic.This news sent oil prices back above $100/bbl on Monday, with Brent and WTI both up 7% prior to each closing ~$98/bbl after President Trump commented Monday that Iran had reached out with respect to a potential war-ending proposal.Oil front-month contract prices have now declined into the low $90s on hopes that US-Iran war-ending negotiations will resume. 

Energy Roundup : Topsy-Turvy Oil Markets Continue to Be Driven by Strait of Hormuz News

<ul>
<li>SOC lacks the necessary permits to begin production by the end of 2024 after the California Coastal Commission held its final meeting of the year.  </li>
<li>SOC has been guiding for Q4 2024 as the start date of its operations. We do not believe this possibility exists with approximately two weeks left in the year. </li>
<li>SOC has experienced meaningful setbacks that are likely to lead to a long process of nothing occurring.</li>
</ul>


SOC lacks the necessary permits to begin production by the end of 2024 after the California Coastal Commission held its final meeting of the year.  
SOC has been guiding for Q4 2024 as the start date of its operations. We do not believe this possibility exists with approximately two weeks left in the year. 
SOC has experienced meaningful setbacks that are likely to lead to a long process of nothing occurring.


<ul>
<li>SOC remains in limbo with the latest letter from “CalFire” creating further uncertainty as to when, if ever, SOC would be able to restart production at the Santa Ynez Unit.</li>
<li>SOC was previously served with a cease and desist order from the California Coastal Commission that barred the Company from any permit work until February 2025. </li>
<li>The latest media report suggests CalFire sent a letter to the California Legislature about the agency not having authority to allow SOC to restart production.</li>
</ul>


SOC remains in limbo with the latest letter from “CalFire” creating further uncertainty as to when, if ever, SOC would be able to restart production at the Santa Ynez Unit.
SOC was previously served with a cease and desist order from the California Coastal Commission that barred the Company from any permit work until February 2025. 
The latest media report suggests CalFire sent a letter to the California Legislature about the agency not having authority to allow SOC to restart production.


United States

Sable Offshore Corp. operates as an oil and gas company. The Company focuses on developing the prolific Santa Ynez Unit in federal waters offshore. Sable Offshore Sable Offshore conducts its business in the United States.

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Sable Offshore (SOC US)

Forgive Me Father, I Have Sabled.

I’ve gone back to the well on a name that’s managed to offend almost every democrat in California, environmental NGO on the west coast, and more...

Triple S Special Situations Investing

SOC: Pipe to Nowhere, Initiating W/Sell

SOC will be unable to restart the Santa Ynez Unit SOC acquired from XOM. SOC is likely to spend much of the cash it has raised and end up giving...

BWS Financial Inc

Energy Roundup : Topsy-Turvy Oil Markets Continue to Be Driven by Strait of Hormuz News

Oil front-month contract prices have now declined into the low $90s on hopes that US-Iran war-ending negotiations will resume.

Water Tower Research

SOC: No Production in 2024

The CA Coastal Commission held their final meeting of 2024. We doubt the cease and desist order SOC has been assessed would be addressed prior to...

BWS Financial Inc

SOC: Timeline of Delays

There is media report about the "CalFire" sending a letter to the CA Legislature saying the agency does not have authority to approve the restart...

BWS Financial Inc

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