Coretrack has won the legal battle for the IP of the GT3000 deep hole drill rig.
The battle between Coretrack and inventor Warren Strange over the rights to the experimental drill rig have raged for more than two years.
It came after the drilling company got a notice from licensor Strange Investments in 2012 that its IP licence agreement regarding the manufacture and use of the drill rig had been lapsed.
It claimed that under their agreement, which gave Strange the right to the rig under any 'unlawful termination' of the IP licence to build and operate the rig, and by Coretrack being required to 'deliver' the rig to Strange under the licence agreement this denoted a change of ownership, and therefore Strange was entitled to own and operate the rig commercially.
But Coretrack remained in possession of the rig as the companies met in WA’s Supreme Court to agree on a set of orders regarding the drill.
Now the case has come to an end, with Coretrack gaining ownership of the rig.
The Supreme Court has rejected Strange Investment's claims to ownership of the rig, supporting Coretrack's view that Strange was entitled to act only as bailee for the rig to protect its IP.
Coretrack chair Matt Birney welcomed the decision, stating "this bid by Strange Investments was somewhat opportunistic and we are pleased that the ownership of the GT3000 rig has now been settled".
"It is unfortunate that this matter even got to court but we are nonetheless pleased that the Court has supported our position."