Independents' day.

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IF EXXON did not have feeling big enough before buying Mobil, what confidence is
there for the smaller oil companies in the exploration and production
sector?

"There are border to be casualties," says Richard Hulf exploration
and production analyst at Henderson Crosthwaite. "Some companies will
just move swiftly out of working capital. on the other hand others, like Enterprise and Lasmo,
will generate enough cash to survive."

The collapse of the oil price and the smooching among the majors
makes significant opportunities for the smaller players and the charismatic