Flame Acquisition Corp. announced that it has entered into a subscription agreement with certain investors to issue 10,000,000 common shares at a price of $10.00 per share, for an aggregate commitment amount of $100,000,000 on January 12, 2024. The transaction is conditioned upon the consummation of the Merger, provide that, if the Merger is consummated, the company must file a registration statement within 30 calendar days after consummation of the Merger registering the resale of the shares of company's common stock issued to the investors, and the company must use its commercially reasonable efforts to have the registration statement declared effective by the SEC by the earlier of the 90th calendar day following the closing of the Merger and the 10th business day after the date company is notified by the SEC that the registration statement will not be reviewed or will not be subject to further review.

The company thereafter will be required to maintain a registration statement that is continuously effective and to cause the registration statement to regain effectiveness in the event that it ceases to be effective. The closings are expected to occur substantially concurrently with the consummation of the Merger and are conditioned thereon, as well as on other customary closing conditions. The transaction will be terminated, and be of no further force and effect, upon the earlier to occur of the termination of the Purchase and Sale Agreement among Exxon Mobil Corporation, Mobil Pacific Company and Sable, as subsequently amended, in accordance with its terms, the termination of the Merger Agreement in accordance with its terms and March 1, 2024, if the closing has not occurred by such date.

The shares to be issued pursuant to the Subscription Agreements will not be registered under the Securities Act in reliance upon the exemption provided in Section 4(a)(2) of the Securities Act and/or Regulation D promulgated thereunder.