I've seen today a briefing note by GSJBW on the merger which I...

I've seen today a briefing note by GSJBW on the merger which I can't reproduce here (they might spit dummy) but I can say it has a positive tone. Note that GoldSacks only cover AWE and not ARQ, so it's from an AWE-perspective. In summary they say:
-increased mkt cap (approx $2B) would give better access to scarce resources - personnel, rigs, opportunities;
-synergistic cost savings would accrue due to overlap in asset base Cliff Hd, BassGas, duplicated corp o'heads;
-merged entity gets AWE access to onshore Perth Basin prodn & explor'n, Canning explor'n, Yemen explor'n, with possibility of some rationalisation;
- increased equity in CH, BassGas, onshore PB producing assets gives increased production for AWE.
Authors view benefits above as being low-risk w. the caveat that they don't yet know financial details. AWE could fund acquisition from cash although doing so would likely diminish capital management scope but would depend on mix of funding.