Country Risk, Country Reward

摘要

North American E&P companies and investors increas-ingly look to international plays to increase their returns and add spice to their portfolios. But, pursuing this type of investment theme requires a lot of due diligence. For most of these small- and mid-cap firms engaged in international E&P, it is important to know who makes up the management team—most have international experience with the majors. "The major issue is risk versus reward," says Toby Pierce, director of institutional research for the London office of Tristone Capital Ltd. "Most investors want at least two to three times the returns they seek in North America for the perceived risk of investing internationally."