The junior explorer is in a rebuilding phase, recognising that its strategy of taking high equity positions in large offshore blocks was not quite working as planned, even before the dramatic drop in the oil price.

A strategic review announced in 2013 after a disappointing string of joint ventures recognised that a move into Asia, primarily Indonesia and Thailand, significantly over-stretched the company.

When some big ticket wells in the North West Shelf did not come in the company realised it needed to "cut its cloth to suit its circumstances", Stickland told Energy News.

The Australian portfolio remains very much of interest, but MEO is seeking to reduce its equity to about about 20% in wells such as the high risk, high reward Beehive prospect or the lower risk Breakwater and Ramble On prospects.

"If we can achieve that target across a range of blocks we'll be pleased with ourselves," Stickland said.

"We have refined out strategy, we are more cost conscious and more financially disciplined.

"We have less than $10 million in the bank, so whereas before we might have aimed to have 50% of a well, for a $15 million company even 20% in a discovery would be a dramatic event, so we have a bit more latitude to farm down further."

MEO has started bringing in farminees, such as Rex International, which is keen to participate in the wildcat Beehive-1 well, while a string of permit extensions have been negotiated to finalise geoscience before drill or drop decisions and allow a renewed farm-out campaign.

Those are MEO's legacy blocks, big impact wells, but the company is repositioning itself in environments where it can be more effective.

That really means onshore environments, such as Cuba.

Stickland said Cuba was identified about three years ago, when MEO was looking for areas of good prospectivity, working petroleum systems, that were off the radar for various reasons or hard to access, but could open up in the medium-term.

Cuba emerged as the main opportunity to chase, and MEO pre-qualified with Cupet, the national oiler for both onshore and shallow water areas, and negotiated for Block 9.

"We initialled that agreement in December last year, and two weeks later, quite fortuitously, [US president Barack] Obama announced his intentioned for the US to normalise relations with Cuba," Stickland said.

Suddenly, MEO's strategy has accelerated.

The PSC is being ratified and with that signed in June or July MEO hopes to start work in the first 18 month sub-phase.

Block 9 sits in the North Cuba Basin, which has some similarities with the Gulf of Mexico. However, while it has the rich source rocks it lacks the high quality reservoirs seen in US waters.

"There is a lot of oil, but it is typically in tight carbonate reservoirs with lower recovery rates," Stickland said.

"The USGS has estimated there is over 4Bbbl of undiscovered petroleum potential in the basin, and Cuba produces about 70,000 barrels of oil per day, which is about half its consumption, so it is on its way to satisfying domestic demand.

"We have found the Cuban government and the national oil company good to work with so far, and welcoming to new investment and new ideas."

MEO was attracted by the lower costs associated with onshore exploration, a cost structure it really only has access to in New Zealand's Taranaki Basin, and the location along trend with the Varadero, the largest oil field in Cuba, a reported 5BBbl with oil-in-place in tight reservoirs.

"That trend from Varadero extends into our acreage, and there are producing fields right on our lease line, Majaguillar and San Anton, and there is one of the oldest discoveries in Cuba, Motembo, which was discovered in the 1890s," Stickland said.

There is demonstrated potential for hydrocarbons, and the work commitments are modest.

The first 18 months are simply studies, with follow up periods to upgrade the vintage era seismic, the most recent of which is 10-15 years old, before there is any drilling commitment.

"We are seeing quite a deal of interest," Stickland said.

That could lead to an accelerated work program given the embargo on Cuba is likely to be lifted sooner rather than later, opening the country up to American explorers for the first time since the 1950s.

Many of the wells drilled within Block 9 did find tight oil, which can be unlocked with modern techniques. There may even be sweet spots that could produce conventionally as there are seeps in the block.

There might even be remaining potential at Motembo, or other areas that have been previously produced, with the application of modern horizontal drilling and fraccing technologies.

MEO will reprocess the existing seismic data and examine the old well logs to start piecing together its understanding of the block.

Access is simple. The area is mostly farmland and just a few hours from Havana.

There is existing infrastructure in the country, including a number of local and newer Chinese rigs.

As seen with the opening of Mexico, and Stickland's former employer BHP Billiton betting big offshore Barbados and Trinidad and Tobago, there's a "golden triangle" of super-rich source rocks from Venezuela, Colombia and the Gulf of Mexico finally getting attention by modern explorers.

"The islands of the Caribbean can benefit from that work," Stickland said.

"Not all of them will, but if you can get into them there are some rich provinces to be unlocked.

"As an emerging opportunity for MEO, this is where I am most excited about."

Stickland said he hoped MEO could demonstrate its ability as an operator to open up other opportunities.