I personally see this as a pretty bad deal for EPG. They have...

I personally see this as a pretty bad deal for EPG. They have lost their prize asset, which is probably worth more than that EUR40million given the changes since the original transaction. Its current value not past value that it important when judging an assets worth.
further, EPG have lost their only cash producing asset and 2P reserves, and the Belgium assets plus parts of their other tenements.

Further, I see no injection of much needed cash to progress the existing exploration and production programme. That means further capital raising soon. I don't expect Trancor to exercise their 50 cent shares anytime soon given what is likely to happen to the share price.

We are basically back to where we were prior to buying Gazanor, with the task of raising money and proving 2P reserve still before us.

Basically, Transcor played hardball and got what they wanted from EPG which was in a weak negotiating position.

Just my initial reaction. Might change my reaction on deeper reflection.