Coretrack chairman Matt Birney (left) with GT3000 designer Warren Strange in happier times back in 2010. Picture: The West Australian.
Coretrack chairman Matt Birney (left) with GT3000 designer Warren Strange in happier times back in 2010. Picture: The West Australian.

Coretrack has won a protracted legal battle with former partner and shareholder Warren Strange over the ownership of a revolutionary deep-hole drilling rig.

Mr Strange developed the GT3000 rig and sold the company behind it, Globe Drill, to Coretrack in 2010.

However he revoked the company's licence to deploy the machine in early 2012.

The two parties have been locked in bitter, protracted legal action over the rig ever since.

However the Supreme Court has now rejected Mr Strange's claim to ownership of the rig and supported Coretrack's view that his company, Strange Investments, was entitled to act only as bailee (custodian) for the rig to protect its intellectual property.

The parties have been directed by the court to draft appropriate orders to give effect to the judgment.

Coretrack is still pursuing Mr Strange for costs over the unlawful termination of the rig licence.

Coretrack chairman Matt Birney said the company was pleased that the ownership of the GT3000 rig had been settled.

"It is unfortunate that this matter even got to court but we are nonetheless pleased that the court has supported our position," he said.

Coretrack shares were up 0.1 cents, or 12.5 per cent, to 0.9 cents at 9.40am.

The West Australian

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