Company: PAM
Filing Date: 2025-04-16
Form Type: 20-F
Source: 0001292814-25-001504
Chunk: 3

Company: Pampa Energy Inc.
Filing Date: 2025-04-16
Form: 20-F
Item: Item 3
Chunk 3
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 and costs that may prove to be incorrect over time. Estimates of future prices, costs and production
volumes are subject to uncertainties and may prove to be incorrect over time. The meaningfulness of such estimates is highly dependent
upon the accuracy of the assumptions upon which they are based. Accordingly, we cannot provide assurances that any specified production
levels will be reached or that any cash flow arising therefrom will be produced. The actual quantity of our reserves and future net cash
flows therefrom may be materially different from the estimates set forth in this annual report.

We replace
our reserves through the acquisition of producing fields, exploration, and by “proving up” reserves in existing fields. “ Proving
up” is the process by which additional reserves classified as “probable and possible reserves” in a producing field
are accessed and reclassified as “proved reserves”. We prove up reserves with reservoir management techniques, such as appraisal
wells, water flooding, and enhanced oil recovery projects. The reservoir management techniques currently used are appraisal wells, water
injection, and the drilling of horizontal producing and injection wells. Technologies such as 3D seismic process, horizontal and step
out wells, and reservoir numerical stimulation are also used.

About the Independent
Reserves Engineers Firm

GaffneyCline
has more than 50 years of excellence in energyconsulting, with extensive experience
in the world’s oil basins in estimating and auditing reserves and resources. GaffneyCline focuses solely on the petroleum and
energy industry, and specializes in the provision of policy, strategy, technical and commercial assistance to governments, financial institutions,
and national and international oil, gas and energy companies worldwide. The provision of Reserves and Resources assessments is a core
component of GaffneyCline’s business. GaffneyCline is fully familiar with the SEC regulations regarding oil and gas reserves (Rule
4-10 (a) of Regulation S-X). GaffneyCline employs a combination of commercial and technical professionals in main offices in the United
Kingdom, United States and Singapore, with supporting offices in Argentina, Australia and Brazil. This staff encompasses all upstream
technical disciplines (geology, geophysics, petrophysics, reservoir engineering, drilling and completion and development planning / facilities
engineering), with midstream and downstream engineering and economics, commercial, legal and business strategy professionals to complement
its technical staff.

The
Reserves Report covered 98% of our estimated total proved reserves. In connection with the preparation