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Obviously the share sale by the Tamraz group needs sorting out before the remaining shares can be issued - and there appears to be no end in sight.
Also, there will be no asset transfer:
From the RNS - "The Tamraz Group continues to work on possible investment proposals / deals to be presented to Petrel Resources plc. Should any of these proceed, it is envisaged that payment will be in the form of Petrel shares."
Not looking good, in my view.

Onassis - Surely not before the Tamraz group debacle is sorted out?

MickR -It certainly wasn't my intention to mislead and of course there could be an out of court settlement. However, in my view we've still got a way to go.

If the assets come at all it will be after the share issue has been resolved, in my view. I had a look at the schedule for the courts in Dublin and couldn't see anything so my guess is that we are a long way off any kind of settlement.

Hi Candid - I think that you are correct. There is a section on future strategy in the RNS dated 1 November 2019 but nothing specific to the movement of NetOil assets into PET. I have questioned this on a number of occasions - which assets and how will PET pay for them but have been shot down in flames for de-ramping (which is not the case). To this day no one has been able to explain to me why someone that owns 100% of a multi million dollar asset would transfer it into a company that he only owns 51% of, unless of course.................................

Candid - Interestingly the Netoil Inc that you refer to appears to be a different entity to the one involved with PET, that is Netoil a limited liability company incorporated in Bulgaria on 25 July 2019.

ILLBETABUCK - No problem, it's still early!

illbetabuck - I am referring to Advisors to SXX. No point in chasing after hundreds of IFA's, it's the actions of the guys in the City with deep pockets that need a closer look, IMHO.

IF the FCA were to look into the role played by some of the financial advisors and found that they were raking in hundreds of thousands in advisory fees whilst shorting shares through associated companies a £1bn fine could benefit each shareholder to the tune of about 1.5p per share if used in compensation!

Bigun2 - fully agree with you and I'd fully expect news to be coming through quite quickly now. No point giving a statement like that and then disappearing for another three months. Fingers and toes crossed.

Or alternatively a big fall tomorrow:
"On 3 January 2020 the Lender served notice of default on the Shareholders claiming breach of the MLA by the Shareholders and asserting ownership of the Pledged Shares."
The letter doesn't resolve anything other than to suggest that the saga has a long way to go yet. Furthermore I can't see any assets appearing in PET until the Tamraz group has legal ownership of 51% ownership whenever that might be.

Fission - Thank you for sharing this, it's incredible to think that both parties should be willing to share such sensitive information whilst the case remains in the Irish courts. I assume that there will be no asset transfer until the Tamraz group legally owns 51% of PET, was there any comment on this? Will they be paying cash or issuing more shares for the asset?

An avid reader of this board and always impressed by most of the posts and the depth of research. As a LTH I too would be happy to join a private group - Telegram seems a good choice, I use them for a free RNS service - Yoizer bot and follow the instructions.

Indeed, but was it a unilateral decision to sell, or were they acting on instructions from someone and is it part of a broader scheme. These are the questions that need to be answered before we see any sustainable rise in the share price.
Following that, and assuming an amicable resolution we should see details of the first asset to be transferred in - what is it, where is it, what will be its contribution to PET's balance sheet and finally how is it going to be paid for?

Bridgedogg - What I find most odd about all of this is that everyone posting on here seems to think that assets will simply be transferred into PET with out any form of payment, whether it be in shares or cash.
The following wording, taken from the EGM circular seems to suggest otherwise:
Any such transaction will be subject to customary legal, licencing and accounting due diligence and regulatory compliance including compliance with the Irish Takeover Rules and the AIM Rules as appropriate. Subject to the relative size of such transaction, it may constitute a reverse takeover under the AIM Rules requiring shareholder approval and a full re-Admission process.

Yes, and as I mentioned a little earlier this is a Regus serviced office, and they can't even spell the address correctly - it's Berkeley Square, not Berkley!

I'm with you Torreaguas - It's a Regus serviced office, and it's Berkeley Square, not Berkley!

As an avid reader of this board and LTH may I offer my deepest sympathy to you and your family at this time.

WTF - Well said, PET will be a traders dream for the next few days but there are far too many unanswered questions for it to be considered an investment opportunity.

Sampson - think about this, the Tamraz group sold 5.25m shares in the week before Christmas for twice what he paid for the first tranche of shares. The group is not cooperating with the court process, do you not think that they are long gone?