The language presented is a variant of datalog and is as formal as any other language. If you're curious in the semantics, they boil down to Dedalus [1].
As a simple example of that, here's a clock: http://play.witheve.com/#/examples/clock.eve
[1]: https://www2.eecs.berkeley.edu/Pubs/TechRpts/2009/EECS-2009-...