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The setting is the continent shown. It's surrounded by an endless sea. No islands, you sail off one end, you'll come back likely worse for wear by whatever forces are out there.
There are 3 non heretical gods. Nechrubel, and the two, basilisks each with 2 heads Verhu the most important one predicts the travesties corectly time and time again, and talks of the worlds end whispered to him by Nerchubel .
So everybody knows the end is coming, and the worlds in stagnation because of it.
As for saving the world, the book is very vague on it, as it is many things, but there is a section on what the basilisks demand So in short, yes... if you want it to be saved.
As for how the world ends 6 events randomly rolled for will happen 1 by 1. An event happens on the roll of a 1 on a die rolled each dawn (type of die chosen at the start of the campaign depending on how long you want things to last) the 7th time the word ends.
The book is made in such a way that you're supposed to make your own interpretation.
Personally I don't think the world can be saved. The basilisks are powerless to stop it and Nerchubel is the one in control, and he will end the world. The basilisks enjoy the worship and make demands to give people hope so they keep worshiping them and killing heritics.
I have included the Free Bare Bones version of the game. It's every thing from the base book except the art, and the mini adventure.