Can't think of any reason why they would do it now. If they were worried about forward expenditure in the event of a discovery or for further exploration/appraisal, then they could have farmed down to a more manageable stake after they drilled Stokes Bay.
The only semi-rational reason I can think of, is that behind the scenes they've farmed this down to ARQ in exchange for gaining a working interest in one of ARQ's other Canning Basin blocks.
There has to be something more to this than just cost saving for drilling Valentine.
farming down in canning basin, page-6
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