President Petroleum said it has participated in the bidding process for three exploration licence areas in the Puesto Guardian concession in Argentina.

The properties, Matorras, El Olcultar and Pizarro, are contiguous to its Guardian concession and span a total area of 5,948 km2.

Two blocks, Matorras and Pizarro, are located on the same trend as the Palaeozoic prospect under the Martinez del Tineo field.

The Salta Province is expected to come with a decision on the final awards in the coming weeks.

President would operate the new concessions if the company is successful in this competitive bidding round.