Asset swap with Total Austral and the beginning of shale oil development

Buenos Aires, June 26, 2023. Pampa Energía S.A. (‘Pampa’ or the ‘Company’; NYSE: PAM; ByMA: PAMP) announces that on June 23, 2023, Pampa has agreed with Total Austral S.A. (Argentine Branch) to acquire a 45% stake in the Rincón de Aranda block (‘RdA’). In exchange, Pampa will transfer its 100% equity stake in Greenwind, which solely owns the Mario Cebreiro Wind Farm (‘PEMC’) (the ‘Swap’). As a result, Pampa will become the sole owner of RdA.

RdA is a 59,154-acre exploratory block located in the Neuquina Basin, at the heart of the Vaca Muerta’s shale oil window in the Province of Neuquén. It currently has one shut-in productive well and another uncompleted well, both drilled in 2019. Although the block is not currently producing, its proximity to important productive blocks of the Vaca Muerta formation and the country makes it highly promising from a technical standpoint. The closing of the Swap is subject to the fulfillment of certain precedent conditions, including the granting of the Unconventional Hydrocarbon Exploitation Concession (Concesión de explotación no convencional de hidrocarburos – ‘CENCH’) to RdA and the extension of its term to 35 years.

PEMC, inaugurated by Pampa in May 2018, is a 100 MW wind farm located in Bahía Blanca, Province of Buenos Aires. It was Pampa’s first wind project and is one of the largest within the RenovAr 1 program. The annual average EBITDA amounts to US$21 million. The Swap also includes the assignment of Greenwind’s debt, which amounted to US$86 million as of March 31, 2023.

While this Swap represents an important development, Pampa remains fully committed to renewable energy, which is essential to our mission of being a leading efficient energy supplier. Since 2018, Pampa has actively developed 687 MW of wind energy, investing over US$1 billion and establishing itself as one of Argentina’s leading renewable energy companies. Recently, we successfully commissioned 81 MW at the Pampa Energía Wind Farm IV (‘PEPE IV´), located in Coronel Rosales, Province of Buenos Aires. Moreover, this year we commenced construction of the Pampa Energía Wind Farm VI (‘PEPE VI’), with a capacity of 140 MW, neighboring PEMC. It is worth highlighting that this project’s total expansion amounts to 300 MW, with an estimated total investment of US$500 million.

By fully incorporating RdA into Pampa, we are diversifying our presence in the energy sector and reinforcing our commitment to developing Vaca Muerta reserves, in a shale oil block with significant upside potential. Pampa is the third-largest gas producer in the Neuquina Basin, holding interest in 8% of Vaca Muerta’s acreage. Pampa will complete over US$1 billion in investments from 2020 to 2023 to enhance its gas production capacity.


For more information, please contact:

Gustavo Mariani – CEO

Nicolás Mindlin – CFO

Lida Wang – Investor relations and sustainability officer –

Josefina Espinoza Paz – Press officer –

The Pampa Energía Building

Maipú 1, (C1084ABA), Buenos Aires, Argentina

Phone: +54 (11) 4344 6000