Drilling technology company Coretrack’s legal battle is continuing more than a year after it began.
The West Australian reported it will have to wait until November at the minimum to see if it is successful in its legal dispute to obtain the rights to the GT3000 deep hole drilling rig.
The temporary date for the court hearing is November 18, Coretrack said in a statement.
“Coretrack’s directors remain confident that both questions will be resolved in the company’s favour,” it said.
Coretrack is in dispute with inventor Warren Strange over the experimental drill rig which it says will change the industry.
It launched legal action against Strange Investments in February last year over the IP of the GT3000 drill rig, and was forced to cut back its Globe Drill subsidiary.
It came after the drilling company got a notice from licensor Strange Investments its IP licence agreement regarding the manufacture and use of the drill rig had been lapsed.
Strange Investments then sought a court order to take ownership of the rig. 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.
It is still hoping for partnership prospects for its Core Level Recorder System (CLRS). This lets an operator find out how much core has been taken in down hole during oil and gas coring operations.
The company announced restructuring and job cuts at its CLRS product line last year. It explained it is concentrating on the commercialisation of its CLRS and selling off the technology to cut direct costs of its development.
The company is also trying to settle on what it could do with the $2 million cash it possesses.
Company chairman Matt Birney said the board was aware of companies struggling to raise cash and said the cash reserve opened up opportunities for the company’s capital.
“However, we are determined to ensure that any investment we make will be sustainable with long term prospects for our shareholders and we are prepared to wait until the right opportunity presents,” he said.
Coretrack was forced to auction off its Globe Drill assets last year after it received notice from Strange Investments that its IP licence agreement for use of the drill was terminated.