Company: PAM
Filing Date: 2025-04-16
Form Type: 20-F
Source: 0001292814-25-001504
Chunk: 4

Company: Pampa Energy Inc.
Filing Date: 2025-04-16
Form: 20-F
Item: Item 3
Chunk 4
---
 of the Reserves Report, the Independent
Reserves Engineers Firm prepared its own estimates of our proved reserves. In the process of the reserves evaluation, the Independent
Reserves Engineers Firm did not independently verify the accuracy and completeness of information and data furnished by us with respect
to ownership interests, oil and gas production, well test data, historical costs of operation and development, product prices, or any
agreements relating to current and future operations of the fields and sales of production. However, if in the course of the examination
something came to the attention of the Independent Reserves Engineers Firm that brought into question the validity or sufficiency of
any such information or data, the Independent Reserves Engineers Firm did not rely on such information or data until it had satisfactorily
resolved its questions relating thereto or had independently verified such information or data. The Independent Reserves Engineers Firm
independently audited reserves estimates to conform to the guidelines of the SEC, including the criteria of “reasonable certainty,”
as it pertains to expectations about the recoverability of reserves in future years, under existing economic and operating conditions,
consistent with the definition of SEC Regulation S-X Section 210.4-10(a) issued the Reserves Report based upon its evaluation. The Independent
Reserves Engineers Firm’s primary economic assumptions in estimates included oil and gas sales prices determined according to SEC
guidelines, future expenditures and other economic assumptions (including interests, royalties and taxes) as provided by us. The assumptions,
data, methods and procedures used, were appropriate for the purpose served by such report, and the Independent Reserves Engineers Firm
used all methods and procedures as it considered necessary under the circumstances to prepare such reports.

  53  

  Table of Contents  

Technology used in
reserves estimation

The
project to extract the hydrocarbons must have commenced or the operator must be reasonably certain that it will commence the project within
five years. The term “reasonable certainty” implies a high degree of confidence that the quantities of oil and/or natural
gas actually recovered will equal or exceed the estimate. Reasonable certainty can be established using techniques that have been proven
effective by actual production from projects in the same reservoir or an analogous reservoir or by other evidence using reliable technology
that establishes reasonable certainty. Reliable technology is a grouping of one or more technologies (including computational methods)
that have been field tested and have been demonstrated to provide reasonably certain results with consistency and repeatability in the
formation being evaluated or in an analogous formation.

There