On a gross basis, before TOT or the Gov't get involved, E/A is split 75.6% IOC 24.4% IPI.
It makes sense for IOC to take possession of the IPI share in exchange for a document that states the IPI investors will receive 24.4% of the preceeds, received by IOC, from the sale of E/A gas. To be paid in cash or stock at the time of receipt. If this is the case, the higher the stock price the better.
This would show up as a contingent liability on IOC's balance sheet.
IOC may have alternatively or additionally offered a one time lump sum payment in stock. This would require a discounted amount but may be enticing to some IPI investors who do not want to wait for their money, or who have concerns over certification. Others may want to take stock now at this current disounted price.
Just some thoughts.