According to a market update yesterday, the placement was well received by existing shareholders who had priority to the shares. New investors will have the opportunity to purchase shares after March 23.

The capital raising will fund the company's seismic program, which is driven by technical requirements, licence work commitments and forward planning. It is scheduled for mid-April.

Completion of the seismic program will ensure Larus Energy has enough time to plan and perform a high impact drilling program on PPL 326.

The company is seeking a farm-out deal as no industry partner has been found.

A large portion of the capital raising will be allocated to the seismic program, but the remainder will fund the farm-out process of PPL 326, as well as 12 months of working capital.

Larus received strong interest in its farm-out opportunity during the APPEX conference in London, driving the company's decision to present its offer at the SEAPEX conference in Singapore.