<SEC-DOCUMENT>0001292814-24-003221.txt : 20240826
<SEC-HEADER>0001292814-24-003221.hdr.sgml : 20240826
<ACCEPTANCE-DATETIME>20240826101715
ACCESSION NUMBER:		0001292814-24-003221
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20240930
FILED AS OF DATE:		20240826
DATE AS OF CHANGE:		20240826

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Pampa Energy Inc.
		CENTRAL INDEX KEY:			0001469395
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC SERVICES [4911]
		ORGANIZATION NAME:           	01 Energy & Transportation
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			C1
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34429
		FILM NUMBER:		241238092

	BUSINESS ADDRESS:	
		STREET 1:		MAIPU 1
		CITY:			CITY OF BUENOS AIRES
		STATE:			C1
		ZIP:			C1084ABA
		BUSINESS PHONE:		54-11-4809-9500

	MAIL ADDRESS:	
		STREET 1:		MAIPU 1
		CITY:			CITY OF BUENOS AIRES
		STATE:			C1
		ZIP:			C1084ABA
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>pam20240824_6k.htm
<DESCRIPTION>6-K
<TEXT>
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<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>UNITED STATES</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>SECURITIES AND EXCHANGE
COMMISSION</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>Washington, D.C.
20549</B></P>

<HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="width: 25%; color: #A0A0A0">

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>FORM 6-K</B></P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>REPORT OF FOREIGN
ISSUER<BR>
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>SECURITIES EXCHANGE
ACT OF 1934</B></P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>For the month of&nbsp;August,
2024</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>(Commission File
No. 001-34429),</B></P>

<HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="width: 25%; color: #A0A0A0">

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>PAMPA ENERGIA S.A.<BR>
(PAMPA ENERGY INC.)</B></P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>Argentina</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><I>(Jurisdiction of
incorporation or organization)</I></P>

<HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="width: 25%; color: #A0A0A0">

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>Maip&uacute; 1<BR>
C1084ABA<BR>
City of Buenos Aires<BR>
Argentina</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><I>(Address of principal
executive offices)</I></P>

<HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="width: 25%; color: #A0A0A0">

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white">(Indicate by check
mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)<BR>
<BR>
Form 20-F ___X___ Form 40-F ______</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: center; background-color: white">(Indicate
by check mark whether the registrant by furnishing the<BR>
information contained in this form is also thereby furnishing the<BR>
information to the Commission pursuant to Rule 12g3-2(b) under<BR>
the Securities Exchange Act of 1934.)<BR>
<BR>
Yes ______ No ___X___</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white">(If &quot;Yes&quot;
is marked, indicate below the file number assigned to the<BR>
registrant in connection with Rule 12g3-2(b): 82- .)</P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>



<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;&nbsp;</P>

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<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="background-color: white">This Form 6-K
for Pampa Energ&iacute;a S.A. (&ldquo;Pampa&rdquo; or the &ldquo;Company&rdquo;) contains:</FONT></P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="word-spacing: 0px; background-color: white"><B>Exhibit
1: </B></FONT> <A HREF="ex99-1.htm">PAMPA ENERG&Iacute;A S.A. COMMENCES TENDER OFFER FOR ANY AND ALL OF ITS OUTSTANDING SERIES 1 7.500% NOTES DUE 2027</A></P>


<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><I></I></P>

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<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"></P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B><U><BR>
SIGNATURE</U></B></P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; background-color: white"></P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">Date:&nbsp;August 24, 2024</P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 90%">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Pampa Energ&iacute;a S.A.</B></FONT></TD></TR>
<TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 72%">&nbsp;</TD>
    <TD STYLE="width: 20%">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="vertical-align: bottom">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">/s/&nbsp;Gustavo Mariani</P>
<HR SIZE="1" NOSHADE ALIGN="LEFT" STYLE="width: 100%; color: #A0A0A0"></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Name:&nbsp;Gustavo Mariani</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Title:&nbsp;&nbsp;&nbsp;Chief Executive Officer</P></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>FORWARD-LOOKING
STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; background-color: white">This press release may contain
forward-looking statements. These statements are statements that are not historical facts, and are based on management's current
view and estimates offuture economic circumstances, industry conditions, company performance and financial results. The words &quot;anticipates&quot;,
&quot;believes&quot;, &quot;estimates&quot;, &quot;expects&quot;, &quot;plans&quot; and similar expressions, as they relate to
the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends,
the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations
and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements.
Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee
that the expected events, trends or results will a ctually occur. The statements are based on many assumptions and factors, including
general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors
could cause actual results to differ materially from current expectations.</P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>
<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><I>&nbsp;</I></P>

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<SEQUENCE>2
<FILENAME>ex99-1.htm
<DESCRIPTION>EX-99.1
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0; text-indent: 0in"><B>PAMPA ENERG&Iacute;A S.A. COMMENCES TENDER OFFER
FOR ANY AND ALL OF ITS OUTSTANDING SERIES 1 7.500% NOTES DUE 2027</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0">BUENOS AIRES, ARGENTINA (August 26, 2024) &mdash; Pampa Energ&iacute;a
S.A. (&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">Pampa</FONT>&rdquo;, the &ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">Company</FONT>&rdquo;
or &ldquo;we&rdquo;) today announced that it has commenced a cash tender offer (the &ldquo;Offer&rdquo;), on the terms and subject to
the conditions set forth in the Company&rsquo;s Offer to Purchase for Cash dated August 26, 2024 (the &ldquo;Offer to Purchase&rdquo;),
for any and all of its outstanding Series 1 7.500% Notes due 2027 (the &ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">Notes</FONT>&rdquo;).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0">The Offer to Purchase more fully sets forth the terms of the Offer.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0">Principal terms relating to the Offer are listed in the table below:</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 21%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Notes</B></P></TD>
    <TD STYLE="width: 36%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>CUSIP / ISIN /
    Common Code Numbers</B></P></TD>
    <TD STYLE="width: 21%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Outstanding Principal
    Amount</B></P></TD>
    <TD STYLE="width: 22%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Offer Consideration<SUP>(2)
    (3)</SUP></B></P></TD></TR>
  <TR>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 9pt; text-align: center; text-indent: -9pt"><FONT STYLE="font-size: 9pt">Series 1 7.500% Notes due 2027</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">697660 AA6/ US697660AA69 / 155564636</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">P7464E AA4/ USP7464EAA49 / 155566132</P></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">U.S.$750,000,000<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">U.S.$1,000</FONT></TD></TR>
  </TABLE>
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<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>Including U.S.$153 million principal amount of Notes which are held by a third party lender of the Company as security for such financing.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>Per U.S.$1,000 principal amount of Notes validly tendered and accepted for purchase. The Offer Consideration does not include accrued
interest.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(3)</TD><TD>Holders will also receive accrued interest from and including the last interest payment date for the Notes up to but not including
the Settlement Date (as defined below).</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0">The Offer will expire at 8:00 a.m., New York City time, on September
5, 2024, unless extended or terminated earlier at the sole discretion of the Company (such date and time, as it may be extended or terminated
earlier, the &ldquo;Expiration Time&rdquo;).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0">Subject to the satisfaction of the terms and conditions set forth
in the Offer to Purchase, holders validly tendering and not withdrawing their Notes pursuant to the Offer will be entitled to receive
U.S.$1,000 per U.S.$1,000 principal amount of the Notes tendered (the &ldquo;Offer Consideration&rdquo;), on a date promptly following
the Expiration Time (the &ldquo;Settlement Date&rdquo;) (which date is expected to occur within three business days of the Expiration
Time, but which may change without notice). The settlement date in respect of Notes for which a properly completed guaranteed delivery
instruction is submitted at or prior to the Expiration Time and which are validly tendered at or prior to the guaranteed delivery deadline
using the guaranteed delivery procedures set forth in the Offer to Purchase and that are accepted by the Company for purchase in the Offer
is expected to be the Settlement Date.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0">Tendered Notes may be validly withdrawn from the Offer at any time
(i) at or prior to the Expiration Time, unless extended by the Company in its sole discretion, and (ii) after the 60<SUP>th</SUP> business
day after commencement of the Offer if for any reason the Offer has not been consummated within 60 business days after commencement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0">The Company&rsquo;s obligation to accept for purchase and to pay for
Notes validly tendered and not withdrawn pursuant to the Offer is subject to the satisfaction or waiver, in the Company&rsquo;s discretion,
of certain conditions, which are more fully described in the Offer, including (i) the financing condition requiring the successful completion of the Company&rsquo;s
concurrent offering of notes (the &ldquo;New Notes&rdquo;) on terms and conditions satisfactory to the Company, and (ii) other general
conditions described in the Offer to Purchase.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0">The Company has retained Citigroup Global Markets Inc., Deutsche Bank Securities
Inc., J.P. Morgan Securities LLC and Santander US Capital Markets LLC. to serve as the dealer managers (the &ldquo;Dealer Managers&rdquo;)
for the Offer, and Banco Santander Argentina S.A. and Banco de Galicia de Buenos Aires S.A.U. to act as local information agents in Argentina
(the &ldquo;Argentine Information Agents&rdquo;). Questions regarding the Offer may be directed to Citigroup Global Markets Inc. at (212)
723-6106 (collect) or (800) 558-3785 (toll-free), Deutsche Bank Securities Inc. at (212) 250-2955 (collect) or (866) 627-0391 (toll-free),
J.P. Morgan Securities LLC at (212) 834-7279 (collect) or at (866) 846-2874 (toll-free) and/or to Santander US Capital Markets LLC at
(212) 350-0660 (collect) or at (855) 404-3636 (toll-free).&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0">Requests for documents may be directed to Morrow Sodali International
LLC, trading as Sodali &amp; Co, the information and tender agent for the Offer (the &ldquo;Information and Tender Agent&rdquo;), by e-mail
at pampa@investor.sodali.com, or by telephone in Stamford at +1 203 658 9457 or in London at +44 20 4513 6933.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0"><FONT STYLE="letter-spacing: -0.1pt">Documents relating</FONT> <FONT STYLE="letter-spacing: -0.05pt">to
the Offer, including the Offer to Purchase and guaranteed delivery instruction, are also available at https://projects.sodali.com/pampa</FONT>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0">None of the Company, the Dealer Managers, the Argentine Information
Agents or the Information and Tender Agent make any recommendations as to whether holders should tender their Notes pursuant to the Offer,
and no one has been authorized by any of them to make such recommendations. Holders must make their own decisions as to whether to tender
their Notes, and, if so, the principal amount of Notes to tender.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0">This press release is for informational purposes only and is not a
recommendation and is not an offer to sell or a solicitation of an offer to buy any security. The Offer is being made solely pursuant
to the offer documents.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0">The Offer does not constitute, and may not be used in connection with,
an offer or solicitation by anyone in any jurisdiction in which such offer or solicitation is not permitted by law or in which the person
making such offer or solicitation is not qualified to do so or to any person to whom it is unlawful to make such offer or solicitation.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0">In any jurisdiction where the securities, blue sky or other laws require
tender offers to be made by a licensed broker or dealer and in which the dealer managers, or any affiliates thereof, are so licensed,
the Offer will be deemed to have been made by any such dealer managers, or such affiliates, on behalf of the Company.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>The New Notes offered pursuant to the concurrent offering have not been
and will not be registered under the U.S. Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), and may not be offered
or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act.
</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>The New Notes are not intended to be offered, sold or otherwise made
available to and should not be offered, sold or otherwise made available to any retail investor in the European Economic Area (&ldquo;EEA&rdquo;).
For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article
4(1) of Directive 2014/65/EU (as amended, &ldquo;MiFID II&rdquo;); or (ii) a customer within the meaning of Directive (EU) 2016/97 (as
amended, the &ldquo;Insurance Distribution Directive&rdquo;), where that customer would not qualify as a professional client as defined
in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in Regulation (EU) 2017/1129 (as amended, the
&ldquo;Prospectus Regulation&rdquo;). Consequently no key information document required by Regulation (EU) No 1286/2014 (as amended,
the &ldquo;PRIIPs Regulation&rdquo;) for offering or selling the New Notes or otherwise making them available to retail investors in
the EEA has been prepared and therefore offering or selling the New Notes or otherwise making them available to any retail investor in
the EEA may be unlawful under the PRIIPs Regulation.</B></P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B></B></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>The New Notes are not intended to be offered, sold or otherwise made
available to and should not be offered, sold or otherwise made available to any retail investor in the United Kingdom. For these purposes,
a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (8) of Article 2 of Regulation (EU)
No 2017/565 as it forms part of domestic law in the United Kingdom by virtue of the European Union (Withdrawal) Act 2018 (the &ldquo;EUWA&rdquo;);
or (ii) a customer within the meaning of the provisions of the Financial Services and Markets Act 2000 (as amended, the &ldquo;FSMA&rdquo;)
and any rules or regulations made under the FSMA to implement Directive (EU) 2016/97, where that customer would not qualify as a professional
client as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of domestic law in the United Kingdom by
virtue of the EUWA; or (iii) not a qualified investor as defined in Article 2 of Regulation (EU) 2017/1129 as it forms part of domestic
law in the United Kingdom by virtue of the EUWA (as amended, the &ldquo;UK Prospectus Regulation&rdquo;). Consequently no key information
document required by Regulation (EU) No 1286/2014 as it forms part of domestic law in the United Kingdom by virtue of the EUWA (the &ldquo;UK
PRIIPs Regulation&rdquo;) for offering or selling the New Notes or otherwise making them available to retail investors in the United Kingdom
has been prepared and therefore offering or selling the New Notes or otherwise making them available to any retail investor in the United
Kingdom may be unlawful under the UK PRIIPs Regulation.</B></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 12pt 0 0"></P>


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<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 12pt 0 0">Forward Looking Statements</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0">This press release contains forward-looking statements within the
meaning of the United States Private Securities Litigation Reform Act of 1995, as amended. Actual results may differ materially from those
reflected in the forward-looking statements. We undertake no obligation to update any forward-looking statement or other information contained
in this press release to reflect events or circumstances occurring after the date of this press release or to reflect the occurrence of
unanticipated events or circumstances, including, without limitation, changes in our business or acquisition strategy or planned capital
expenditures, or to reflect the occurrence of unanticipated events.</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 12pt 0 0">About Pampa</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0">Pampa is an Argentine leading independent energy company, participating
in the electricity and gas businesses. We and our subsidiaries, joint ventures and affiliates are engaged in the generation and transmission
of electricity, exploration, production, commercialization and transportation of oil and gas, and production of petrochemical products.
Our shares are traded on the New York Stock Exchange and the <I>Bolsas y Mercados Argentinos S.A.</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">For further information, see our website www.pampa.com or contact:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Investor Relations</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Phone: +54&#45;11&#45;4344-6000</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Email: investor@pampa.com</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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