Company: PAM
Filing Date: 2025-04-16
Form Type: 20-F
Source: 0001292814-25-001504
Chunk: 1

Company: Pampa Energy Inc.
Filing Date: 2025-04-16
Form: 20-F
Item: Item 3
Chunk 1
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 estimates
of our fields located in Argentina were subject to revisions representing a decrease of 1.7 million boe mainly attributable to less than
expected natural gas production performance in some wells in Río Neuquén and Sierra Chata areas. Extension and discoveries
increased by 62.8 million boe through drilling activities, mostly in the Sierra Chata, El Mangrullo, Rincón de Aranda and Río
Neuquén areas. Also, the sale of our interest in the Gobernador Ayala block, caused a reduction of 2.1 million barrels of oil equivalent
in our reserves.

As of December 31, 2024, 55%
of our proved reserves were developed, while 45% were undeveloped. Proved developed reserves were 128.0 million boe. During 2024, we invested
U. S.$ 72.2 million in drilling, completion and facilities, to convert approximately 12.7 million boe of proved undeveloped reserves to
proved developed reserves. Our proved undeveloped reserves were 103.2 million boe, all of which corresponded to wells located within one
offset of proved developed reserves where the activity has been scheduled to maintain production levels in accordance with contracts and
installed facilities. We plan to put approximately 93.8% of these proved undeveloped reserves into production through activities to be
implemented over the next five years. The balance of 6.2% (6.4 million boe) will be developed over periods exceeding five years and are
mainly located in gas fields where the activity has been scheduled to maintain production levels in accordance with contracts and installed
facilities.

The 46% increase (32.6 million
boe) in our proved undeveloped reserves in 2024 compared to 2023 was mainly attributable to:

  (1)      a decrease of 12.7 million boe by the conversion of proved undeveloped reserves to proved developed reserves,                      

  (2)      an increase of 44.2 million boe of proved undeveloped reserves by extensions and discoveries, through             

  (3)      an increase of 1.2 million boe of proved undeveloped reserves, came from revisions of previous estimates                             

The activities described in
items (1), (2) and (3) above resulted in a net increase of approximately 32.6 million boe in our proved unde