Thanks for the tips guys, I put the car back together and what I ended up doing was replacing the bolt with a longer one. It was Sunday so the options were limited and I needed the car in couple of days. Also bought the thread fixing kit just in case. The stock bolt was 50 mm long and I was able to find bolts with similar thread from the local store with lengths of 60 mm and 70 mm. The 70 mm one was too long but the 60 mm fit perfectly and torqued into the spec. Also applied some Loctite to the threads, time will tell if any leaks will occur.

@cn90 The aluminium threads definitely came out with the bolt, although I assume it was due to me overtorquing the bolt.

By the way, anyone else have had issues with logging in to the forum lately? For several days I was just facing error saying something about wrong username or password and to try again in 15 minutes?

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09/2003 X5 3.0i
02/2003 X5 4.6is (non-runner)