has to find 35 million euro in two years, page-12

It is not logical to say that Transcor will end up with all of EPG assets.

1) Convertable notes are secured by Gazonor SAS a subsidary of EPG. As such should there be an insolvency issue only Gazonor is affected not any of the other projects

2) Should Transcor cause a firesale of EPG assets it is highly unlikely that the board of EPG would sell to Transcor.
Anger and Pride is enough to guarantee huge resistance to sell to Transcor.

The assumption is that only Transcor would be interested? Hardly a reasonable assumption in the light that in two years time the Lorraine project will have 2P reserves and be selling gas under the existing exploration permit.

Of course only Transcor would be interested in certified 2P resources in the middle of Europe with gas fetching 10 Euro/GJ

Icharus