Premier Oil jumps as it identifies a Brexit vote silver lining due to weak sterling

Jessica Morris
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Premier oil will benefit from the weak sterling (Source: Getty)

Premier Oil shares jumped today, after the firm said it expects to receive a multi-million-dollar windfall as a result of the Brexit vote.

"We will be the beneficiary of Brexit, dare I mention it," Premier Oil chief executive, Tony Durrant, told Reuters. This contrasts with a large number of British businesses who expect to be worse off after the UK voted to leave the EU.

If the pound stays near a 30-year low it fell to recently, Premier will enjoy reduced production, operating costs as well as capital savings.

It came as the firm said full-year oil output is likely to be at or above the upper end of earlier guidance, at 65,000 to 70,000 barrels per day.

Meanwhile, revenue was expected to be $390m (£296m) in the six months to 30 June.

The news sent its shares up as much as 6.55 per cent to 73.25p per share in early morning trading.

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