RE:RE:I do not see a JV for a while yet Other person mentioned it, but any agreements that don't result in a full buyout of CGX/FEC will likely include some sort of carry provision. In other words in addition to hopefully some sort of cash premium for entry, the new partner(s) would pay CGX/FEC's share of capex on the project going forward.
That's effectively a version of your first option where CGX sells a portion of its working interest to someone. A total sale is unlikely IMO due to premium CGX and shareholders are likely to want on remaining prospects. Obviously if a party is interested in paying an absurd premium they should entertain the offer because remaining prospects still carry risk
I'm partial to farm-in options where go forward capex is covered for a period of time as a means of payment to buy in to an opportunity.
The difficulty for CGX and FEC is going to come in from the fact they are small companies. It's very unlikely any large independent or major will let them operate on their behalf. That's way too much risk exposure they would have no control over if something goes wrong. They also won't want to operate at a minority working interest. I have a feeling any deal going forward will likely end up with the larger acquiring company having at least 60% working interest and operatorship.