Another couple of advantages of a merge:Mergeco would likely...

Another couple of advantages of a merge:

Mergeco would likely attract finance more easily (spread of assets that could be used for security)

Finance would possibly be slightly cheaper (as lender isn't as exposed to the country risk of an individual country.

More efficient scheduling of exploration effort, especially working around downtime associated with wet seasons.

More efficient use of technical personnel, who would have a spread of projects to shuttle between.

Reduced head office costs.