Sable Offshore Corp. has priced its underwritten public offering of 8.69 million shares of common stock at $29.50 each and increased the number of shares it initially offered, the Houston-based company said May 22.

Gross proceeds from the offering are expected to be approximately $256.5 million and allocated toward capex, working capital purposes and general corporate purposes, Sable said.

The upsized offering represents a 28.25% increase in value from its previously announced offering of $200 million worth of shares, Sable said.

Sable’s share value has increased 19.4% during the past 12 months. On May 15, the company restarted oil production at the Santa Ynez Unit off California following a decade-long work stoppage at the platform.

In connection with the offering, the company also granted the underwriters a 30-day option to purchase up to an additional 1,304,346 shares of common stock at the public offering price.

The offering is expected to close on May 23, subject to customary closing conditions.

J.P. Morgan, Jefferies and TD Cowen are acting as joint book-running managers and representatives of the underwriters. The Benchmark Co., Johnson Rice & Co., Pickering Energy Partners, Roth Capital Partners and Tuohy Brothers are acting as co-managers.

Sable Offshore’s stock price opened May 22 at $30.50.

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