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.
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