The new policy in action: further licensing and related issues
While the participation negotiations relating to pre-1975 licences were being negotiated preparatory work for further licensing was also under way. DEN offi - cials had started to think about a Fifth Round as early as the summer of 1974. It was felt important to ensure that the momentum of activity in the UKCS was maintained in the medium-term, and this would require new licences to be issued in late 1976 or early 1977. But the policy reviews had not been completed, and, as these would affect licence terms, it was premature to determine the scope and nature of the Round, and further work was deferred until the key policies had been determined.