I'm unsure but did I hear previously that licenses have been granted previously that haven't been operated?
It would be interesting to see if it does operate what the frequency would be and if it would continue on to Jersey in order to free up the Flybe E195
https://www.gov.gg/CHttpHandler.ashx?id=104104&p=0
The above link leads to the licence for GCI-CWL. The conditions are basic and refer only to the need for requisite insurance. There is no minimum aircraft size requirement, no minimum number of daily or weekly flights; neither does the licence give permission for triangulating via another airport, eg Jersey.
For comparison purposes the licence for Aurigny on GCI-BRS has these conditions,
inter alia:
Must be a minimum daily rotation May to September and minimum 4 x weekly October-April with an aircraft of at least 50 passenger seats. Occasional triangulating via a third point in accordance with other licences held by the operator is permissible.
And the Flybe licence for GCI-EXT states at least two rotations per day with an aircraft of a minimum of 50 passenger seats but it is permissible to triangulate via Jersey, and I think this is what Flybe does most of the time, ie a double drop.
It seems then that the licence is for just GCI-CWL-GCI.
Addendum (1.10.16)
A letter from Blue Islands to the CI regulating Authority in response to concerns that authority had over the franchise agreement between Blue Islands and Flybe appears to state categorically that the intention is to begin the GCI-CWL service in summer 2017 although no details of frequency, times etc are provided.
The latter also states that without the Flybe franchise Blue islands could not have considered such a route because of the risk factor.
The full letter can be read at this link.
http://www.channel103.com/wp-content/uploads/2016/10/Blue-Islands-CICRA-RESPONSE-30-09-2016.pdf