Company: PAM
Filing Date: 2025-04-16
Form Type: 20-F
Source: 0001292814-25-001504
Chunk: 2

Company: Pampa Energy Inc.
Filing Date: 2025-04-16
Form: 20-F
Item: Item 3
Chunk 2
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veloped reserves in 2024 compared
to 2023.

Internal Control
over Proved Reserves

The
reserves estimation process begins with an initial evaluation of our assets by geophysicists, geologists, and engineers. A Reserves Technical
Officer ( Jefe de Reservas) safeguards the integrity and objectivity of our reserves estimates by supervising and providing technical
support to technical teams who are responsible for preparing the reserves estimates. Our technical teams have degrees in geophysics, geology,
petroleum engineering and accounting, and are trained internally in reserves estimations seminars. The technical officer is responsible
for consolidating and auditing the reserves estimation process in compliance with the SEC reserves guidelines. The technical officer primarily
responsible for overseeing the preparation of our Reserves Report is a member of the Society of Petroleum Engineers, with over 30 years
of experience in exploration and production activities. Our reserves estimates are approved by the Oil and Gas Exploration and Production
Director.

The
reported hydrocarbon reserves were estimated based on professional, geological, and engineering judgment and on information available
prior to December 31, 2024. Thus, they are subject to revisions, upward or downward, as a result of future operations or as additional
information becomes available.

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  Table of Contents  

The
estimation of reserves is imprecise due to many unknown geologic and reservoir factors that can only be estimated through sampling techniques.
Since reserves are therefore only estimates, they cannot be appraised for the purpose of verifying exactness.

There
are many uncertainties in estimating quantities of proved reserves and in projecting future rates of production and the timing of development
expenditures, including certain factors that are beyond our control. The reserves data set forth in this annual report solely represents
estimates of our proved oil and gas reserves. Reserves engineering is a subjective process of estimating underground accumulations of
crude oil and natural gas that cannot be precisely measured. The accuracy of reserves estimates stems from available data, engineering
and geological interpretation and judgment of reserves and reservoir engineering. As a result, different engineers often obtain different
estimates. In addition, results of drilling, testing and production subsequent to the date of an estimate may justify revision of such
estimate, so the reserves estimates at a specific time are often different from the quantities of oil and gas that are ultimately recovered.
Furthermore, estimates of future net revenues from our proved reserves and the present value thereof are based upon assumptions about
future production levels, prices