Daily Roundup

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Karoon Energy Restarts Bauna Project Production

Karoon Energy has some good news to share - the company has restarted production at its Bauna Project in Brazil. This comes after they successfully repaired one of the failed anchor chains on the FPSO vessel. The project was previously shut down due to this issue, but now it's back up and running.

Karoon expects production to ramp back up to around 24,500 barrels of oil per day over the next few days. However, they're also expecting a natural field decline of about 15% per year. The company and the FPSO owner are investigating what caused the anchor chain failure, with the goal of identifying the root cause and preventing it from happening again in the future.

AVITA Medical Expands RECELL GO Platform

AVITA Medical has received FDA approval for its new RECELL GO mini disposable cartridge. This smaller version of the RECELL GO system is designed to treat wounds up to 480 square centimeters, making it well-suited for the high volume of smaller wounds seen in the full-thickness skin defect market.

The RECELL GO mini uses the same processing device as the standard RECELL GO, but with a modified cartridge that reduces resource use and waste. This will enable broader accessibility and use in trauma and burn centers. AVITA expects the RECELL GO mini to be a growth driver for the broader RECELL GO platform as the company continues to expand its impact on patient care.

PNG Tax Assessment Challenged by Simberi Gold

In Papua New Guinea, the Internal Revenue Commission has delivered a hefty tax assessment on Simberi Gold, a subsidiary of St Barbara Ltd. The assessment totals PGK 523 million (around A$210 million), including a 200% penalty.

Simberi Gold and St Barbara strongly reject the IRC's arguments and plan to appeal the assessment. They say the IRC has reached back beyond the permitted 5-year period and has even accused Simberi Gold of fraudulent conduct in preparing tax returns. St Barbara takes this allegation very seriously and will vigorously defend against it, stating that Simberi Gold has always used reputable tax advisors and made full disclosures.

The appeal must be lodged by February 17, 2025, so this dispute is far from over.

Althea Group Secures $2 Million in Strategic Funding

Althea Group Holdings has received $2 million in strategic funding through a Loan Notes Placement. The funds will be used to expand the operations of the company's Canadian subsidiary, Peak Processing Solutions, and optimize the supply chain at its Ontario manufacturing facility.

The Loan Notes may become convertible into ordinary shares, subject to shareholder approval. This funding will help Althea enhance operational efficiency and position the company for sustained growth in the Canadian cannabis market.

Field Solutions Holdings Restructures to Focus on High-Margin Products

Field Solutions Holdings, a leading telecommunications and IT service provider in rural and remote Australia, is undergoing a strategic restructuring. The company has seen lower-than-expected non-recurring revenue and margins in the first half of the current fiscal year.

As a result, Field Solutions is streamlining its operations, exiting certain businesses, and focusing on areas with greater growth potential. This includes high-margin products and services, as well as the build-out of Australia's 4th mobile network, which is being supported by significant government grants.

Looking ahead, the company is forecasting a recovery and growth in FY27, targeting EBITDA margins above 11%. This turnaround strategy aims to diversify revenue streams and strengthen the company's position in the Australian telecommunications market.