The block is the company's only asset.
Larus has spent more than six years prospecting around the coastal block, from the initial identification of possible targets in an area once believed to be moose pasture to the point where seismic is needed to help reduce the subsurface uncertainty and define up a drill-ready prospect for farm-out.
Larus believes it has identified potential buried Highland structures in its shallow waters of PPL 326, with the potential for some 23 trillion cubic feet of gas and 529 million barrels condensate.
Initial drilling will ideally focus on two high-graded and high potential offshore prospects: Sunday with its unrisked resource of 13Tcf and 394 million barrels of oil, or Vekwala with its unrisked resource of 10Tcf and 291MMbbl.
The 17,002 square kilometre licence is about half onshore and half offshore, with the proposed seismic planned in the onshore area where operations will be cheaper.
The area is effectively unexplored and includes exploration opportunities in two different petroleum systems with Mesozoic and Tertiary targets.
The funds are needed to meet the 400km of 2D seismic required under the licence conditions, with some $300,000 also needed to begin well planning. A further $900,000 is needed for general expenses.
If Larus can complete its work program by August the block will move into a five-year retention period, free of further work commitments.
Larus also continues to look at a public float following a hoped-for farm-out.