Altona Resources Epic ANR is an excellent long term play for any investor, with excellent prospects for growth over the next few years.

Completion of pre feasibility study for coal to liquid (CTL) plant. Q1 2008.
Open cut coal mine bulk sampling at Wintinna to define 700 million tons coal to JORC standards.
MOU with South Australia's largest electricity producer to supply 4 million tons coal per annum for 25 years.
Extension of MOU with BP Australia, to evaluate power generation and CTL development.
7.8 billion tons of sub bitumous coal in situ.
Progress in a bankable feasibility study, to produce 10 million barrels CTL per year, with a 560 MW co-generation power facility, based in the 100% owned licence for the Arckaringa project in South Australia.
The 3 licences held by Altona are in the Permian Arckaringa Basin and are located close to rail and road links.

Project Base Case, 10million tons coal, CTL producing 10 million barrels of zero sulphur diesel fuel, and 560mw power for export pa.

TIME FOR A BOUNCE BACK FROM THIS POINT spread 11.75 / 12p

Reasons:
At this point is a 61.8% fibonacci retracement ( the best % )
The level 2 is strong 8 v 2
Indicators at oversold and share price at lower Bollinger Band ( buy time )
Buyers paying full price now a bit earlier was 11.90p and 11.95p

As the chart of "money am" are wrong I posted others

another way of viewing share price at UPTREND line support

9.25p +0.25p

Altona Energy pleased with progress on Arckaringa BFS

Altona Energy is pleased with the increasing momentum on the Arckaringa bankable feasibility study.

The BFS is being undertaken by the joint venture between CNOOC New Energy International (Australia) and the Altona's wholly-owned subsidiary, Arckaringa Energy.

Altona said its application for a two-year renewal of the Arckaringa exploration licences on behalf then JV partners, CNOOC-NEIA (51%) and Arckaringa Energy (49%) had been successful.

The renewal of ELs in South Australia is typically for a period of one year within a maximum five-year timeframe, subject to meeting minimum expenditure commitments and other terms of the licences.

But the Minister for Mineral Resources has granted the renewals for two years in recognition of the detailed work programme which will be carried out as part of the BFS.

Altona MD Chris Schrape said that "the SA Government's decision to approve the application will extend secure tenure until June 2013 and provides a strong regulatory foundation for the continuing work of the JV partners on the BFS".

He added: "The renewal underlines the SA Government's recognition of the significant scope of the BFS and the potential impact of the Arckaringa project on the State's energy economy, in particular decreasing its dependency on imported fuels and boosting power supply."

Altona also said preparations for field programmes, including the submission of the exploration works approval (EWA), are well advanced.

In formulating the EWA submission, which requires precise technical descriptions of borehole and hydrogeological test well locations and specifications, CNOOC-NEIA and Altona are taking into account the programme design recommendations included in the geology and hydrogeology review reports commissioned and recently received from the China National Administration for Coal Geology (CNACG) and also the input from other drilling and hydrogeological specialists in Australia and China.

Executive chairman Chris Lambert said: "We are pleased with the increasing momentum on the BFS and look forward to reporting on continued further progress in due course."