What's the elephant in the room?

[SamAdams]

So if the elephant is 10 ts, IOC gets 3 those at $1.29 or $ 3.87 bln + $ 900 mln more for the extra Ts or $ 4.67 bln. Lets assume share count goes up to buy out IPI and use 55 mln outstanding (very rough guess) that's another $85 per share in value. Am I missing something here? seem to make sense if the implied value of IOC is $100 just on the Total deal and they then double the resource....Am I missing something? has to be proven first but that is the upside.