Australian energy company Melbana said Monday it was anticipating drilling success closer to home in New Zealand while keeping its eye on Cuban reserves.

Melbana, which rebranded itself last year through a name change from MEO Australia, said it was planning to drill at the Pukatea-1 prospect onshore New Zealand during the third quarter.

According to Melbana, Pukatea is a "low-cost [and] commercially robust" drilling opportunity with an estimated 12.4 million barrels of oil equivalents in prospective reserves.

Oil is the fourth-largest export for New Zealand, bringing in around $700 million each year in royalties and taxes. The government said there are around 149 million barrels of oil reserves remaining in fields already in production.

Elsewhere, the company touted itself as one of the few Western companies and among the early movers in the Cuban energy sector, working closely with the Cuban national oil company, known informally as CUPET, on tapping into onshore oil and gas reserves.

The first of three oil plays outlined by Melbana in Cuba's onshore Block 9 contain the potential for about 8 billion barrels of oil in place. Cuba produces about 80,000 barrels of oil per day.

U.S. President Barack Obama issued an executive directive in October that could open Cuba to a role in institutions like the International Monetary Fund and the World Bank, which Washington said could provide an advantage to the Cuban economy.

A thaw in relations between the two former Cold War foes began in 2014, though President Donald Trump said he may reverse many of his predecessor's efforts with Cuba.

Melbana ended the fourth quarter in with a strong cash position of about $4 million.