Northern Energy Corporation

• Northern Energy: an ASX-listed coal explorer and developer with projects in Queensland and Northern NSW.
• Kevin Maloney on the board from May 2007. 
• Pure play coal company focused on highly prospective coal regions.
• Large resource base with high-quality coking, thermal and PCI coal.
• One of the few Australian junior coal miners with marketable reserves.
• Existing access to export infrastructure, well positioned for capacity growth.
• Staged growth platform and near-term production.
• Targeting 7Mtpa of producing assets by 2015, with further growth opportunities beyond.
• Positioned to benefit from strong global coal sector fundamentals and continued export market growth.
• Taken over by New Hope Corporation in February 2011, valuing company equity at A$238 million.

• Tulla Resources invested A$4.7 million between 2007 and 2009 for 5.8% of the company.
• Tulla Resources sold its A$13.8 million stake to New Hope as part of the takeover.

• The exit in 2011 via the takeover by New Hope yielded 3.0x on the initial investment.
• Achieved an IRR of 32.7%.

Source: Company filings, IRESS, Tullla Resources management.