Watch the Emneth online guitar lesson by Adrian Legg from Fingerstyle Revisionist: Adagio Songbook
So there's the bones of it: Very simple, very repetitive.
When repeating sections, think of them in pairs with one more robust than the other. Give them different accents each time through so things stay interesting, and don't go on too long - you can get about two minutes out of this piece at most. To resolve the last chord and end the tune, repeat the first line and end on the tonic.