Sale of Equity Ownership at OldelVal
Buenos Aires, November 2, 2018. Pampa Energía S.A. (‘Pampa’ or the ‘Company’; NYSE: PAM; ByMA: PAMP) informs that today we executed an agreement with ExxonMobil Exploration Argentina S.R.L. (‘ExxonMobil’) to sell our direct share ownership of 21% at Oleoductos del Valle S.A. (‘OldelVal’), therefore Pampa still holding a 2.1% direct stake at Oldelval.
The sale price is US$36.4 million, being the closing of the transaction subject to certain customary precedent conditions and, notwithstanding the net reporting result is still under review subject to applicable accounting rules, we estimate that it would approximately amount to AR$700 million.
As informed in previous disinvestments, said transaction is in line with the Company’s strategy to focus its investments and human resources on the expansion of power generation installed capacity, on the exploration and production of natural gas, placing a special focus on the development and exploitation of our unconventional gas reserves (shale and tight gas), as well as to continue investing for the development of our utility concessions.
For further information, please contact:
Gustavo Mariani – Vice-President
Ricardo Torres – Vice-President
Mariano Batistella – Planning, Strategy and Affiliates Executive Director
Lida Wang – Investor Relations Officer
The Pampa Energía Building
Maipú 1, (C1084ABA), Buenos Aires, Argentina
Phone: +54 (11) 4344 6000