Realised Investments


Whitehaven Coal is a major independent Australian coal producer, with particular focus on NSW's Gunnedah Basin. Whitehaven has a high quality portfolio of producing coal mines and is currently developing several significant new projects.

This investment was held by entities associated with XLX directorswho were previously executive directors of Whitehaven.

Whitehaven listed on the ASX in June 2007 (ASX: WHC).

www.whitehavencoal.com.au


Prior to closure, Illawarra Coke Company (ICC) produced coke for domestic and international steel mills. The sites are being assessed for redevelopment.

www.illawarracoke.com.au


Titan was established to service the significant demand for drilling and accommodation services for development and production of Coal Seam Gas (“CSG”) in Queensland. Titan provided a diversified range of services to the CSG and conventional oil and gas industry including:

Currawong Coal was a joint venture between Cliffs Australia Coal Pty Ltd (a subsidiary of Cliffs Natural Resources) and Conarco Minerals Pty Ltd.

In December 2012, the joint venture sold its portfolio of 16 coal exploration leases to ASX-listed Fox Resources Limited (ASX: FXR).


In 2009, XLX acquired a substantial stake in unlisted Macquarie Energy, the owner of seven petroleum exploration licences in NSW covering 24,000 square kilometres.

Together with Arrow Energy Ltd, XLX was instrumental in the re-structuring and IPO of Macquarie Energy as Apollo Gas Ltd (ASX:AZO) in December 2009. On IPO, Apollo had a market cap of $40 million. XLX retained a substantial stake and had board representation in the company.

XLX exited its investment after Apollo Gas was acquired by Dart Energy Ltd in December 2010 for $145 million (100% basis).


Andy Plummer, Allan Davies and Tony Haggarty were co-founders of Excel Coal Limited. Excel owned a suite of thermal and metallurgical coal mines and was listed on the ASX in 2004 (ASX:.EXL).

The directors of XLX owned approximately 19% of Excel when it was acquired by Peabody Energy in 2006 for $1.83 billion.