There are strong indications that all is not well with Aiteo, an oil company under the leadership of money-man, Ben Peters and his partners.
The company believed to be a top player in the oil sector had a promising future as it announced its arrival into the oil market with a bang and the news of acquiring a lucrative oil block from Shell Petroleum Development Company.
The company which became an overnight success judging from the experience of its CEO, Ben Peters and the quality of its staffers was said to have presently been battling with an internal financial challenge that had since been affecting its smooth operations.
A source alleged that Ben Peters and his partners are presently having a tough time as they are unable to meet up with the payment deadline for the $2.7B oil well they acquired from Shell.
The source also revealed that the company found itself in such a dilemma based on the attitude of some banks Peters relied on but which were no longer forthcoming causing great distress for the company. It is believed that the recent snowballing of oil prices is a big factor that puts Aiteo in its present situation.
The company is presently buying time while also re-shuffling its papers to present a repackaged payment schedule to Shell.
This development is said to have been causing Ben Peters great pain as he is also battling to convince his partners and win their confidence by making them see the unusual sides of the oil business.
Source: PaperMache