I have experienced two engine surges on the B747-400 - both just after rotation. In both cases there was a muffled bang (as heard in the cockpit), but nothing untoward on the EICAS (engine instrumentation). If such an event had happened before Vr, I doubt very much if I or my co-pilot- if it was his/her sector - would have rejected, as both 'bangs' could have been interpreted as tyre failure and a high-speed rejection is not advisable ( degraded braking due tyre/wheel failure ).
As has been pointed out, the lack of reverse thrust indicates the incident happened below 100kts (unless the a/c was dispatched with a thrust-reverser u/s and the adjacent engine suffered the surge).
The advice states for a rejected take-off, "prompt and aggressive action will ensure a successful outcome". Sounds like the crew did just that.
