A Lesson in Long Term Investment: Woodside Keeps on Giving, page-21

Lets be clear, Dorado holds about as much oil to market cap for CVN as WPL horizon 2 boe to market cap. CVN cannot fund development, WPL can and pays dividends along the way.

Exploration for CVN means more dilution through CR, as does development and time / corporate overheads. It means over time your personal holding of Dorado decreases, with WPL you are paid to hold (dividends).

Without a new discovery and sell down of that, I really can't see the upside justifying holding CVN until production - at least not when compared to the major bluechips like WPL which have significant growth plans simular in scale.