Company: PAM
Filing Date: 2025-04-16
Form Type: 20-F
Source: 0001292814-25-001504
Chunk: 25

Company: Pampa Energy Inc.
Filing Date: 2025-04-16
Form: 20-F
Item: Item 3
Chunk 25
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CP Ltd. arranged for OCP S. A. to provide to the Ministry of Energy and Mines of Ecuador
with an Operational Guarantee and an Environmental Guarantee, each for the sum of U. S.$ 50,000,000, which would remain in force during
the operational period until the ninetieth day following the expiration or termination of the Construction and Operation Agreement subject,
among other conditions, to the non-existence of claims under such guarantees. Accordingly, on March 1, 2025 such guarantees should have
been considered extinguished in accordance with their terms, as 90 days had elapsed since the termination of the Concession and the Construction
and Operation Agreement.

Notwithstanding the above, Citibank
Ecuador has unjustifiably stated that OCP S. A. did not comply with certain formalities required for the guarantees to expire 90 days after
the termination of the Construction and Operation Contract. OCP Ltd. has formally informed Citibank Ecuador of the reasons why its interpretation
is incorrect and has not received a response as of the date of this annual report.

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Moreover, OCP Ltd has requested
the Ecuadorian State to notify Citibank of the expiration of such Guarantees, to which it has not received any response so far.

On April 11, 2025, OCP Ltd.
initiated an arbitration proceeding before the International Centre for Settlement of Investment Disputes in order to obtain the effective
release of the Environmental and Operational Guarantees and to be compensated for the damages and losses caused by the lack of such release;
and alternatively, to receive from the Ecuadorian State an amount equal to the Environmental and Operational Guarantees in addition to
all damages and losses caused by Ecuadorian State actions, plus interest.

For
more information please see: Item 3. Key Information - Risk Factors - 
Pampa granted certain environmental and operational guarantees in favor of the Ecuadorian Government within the OCP concession Relevant Events - Oil and Gas - Acquisition of Shares in OCP
Ecuador and Termination of the Concession.

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Incentive Regime for Large Investments

The Bases Law and Decree No. 749/2024
creates and regulates the Incentive Regime for Large Investments (RIGI), which establishes a specific promotion and incentive framework
for certain investments made by Project Holding Vehicles ("VPU") that meet the stipulated requirements.

One of