** Sable Offshore's SOC.N shares down 4.9% premarket to $30.76 after overnight follow-on priced

** Houston, Texas-based oil and gas firm late Weds announced ~8.7 mln shares at $29.50 for ~$256.5 mln gross raise to fund capex, working capital and general purposes

** Offering size boosted from $200 mln, priced at 8.8% discount to stock's last sale

** With ~89.4 mln shares outstanding, co has $2.9 bln market cap

** J.P. Morgan, Jefferies and TD Cowen are jt bookrunners for offering

** SOC shares on Mon surged >14% to record high close of $33.02 after co announced restart of oil production at the Santa Ynez Unit (SYU) offshore platforms off the California coast and doubled production guidance for H2 2025

** Through Weds close, SOC shares up 41% YTD

** Sable went public in Feb 2024 after merger with SPAC Flame Acquisition Corp

** All 5 analysts covering SOC are bullish with $40 median PT, according to LSEG data

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))