** Sable Offshore SOC.N shares drop 13.4% to six-week low of $7.80 premarket as co looks to raise equity

** Houston, Texas-based oil driller files up to $250 mln ATM ("at-the-market") stock offering with TD Cowen and Jefferies as sales agents

** It intends to use net offering proceeds for general corporate purposes, working capital and capex, and potential future investments

** With ~145 mln shares outstanding, co has $1.3 bln market cap through Mon close

** Last month, California said the state was suing the Trump administration over restart of the oil pipelines linked to the Santa Ynez field in federal waters

** In Nov, SOC raised $250 mln of equity in connection with extension of an Exxon Mobil XOM.N loan

** Through Mon, SOC shares down roughly two-thirds over the past year

** All 5 analysts c overing the stock are bullish; median PT $23, per LSEG data

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

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