Oil and gas technology company Coretrack has secured ownership of a high-tech drilling rig after a legal battle with intellectual property licensor Strange Investments.
Strange Investments can act only as a bailee to protect its intellectual property rights.
But there is still a further ruling being awaited on the lawfulness of the termination, and Coretrack has said it would ask the court to address the issue of costs.
“We are pleased that the ownership of the GT3000 rig has now been settled,’’ he said.
“It is unfortunate that this matter even got to court but we are nonetheless pleased that the court has supported our position.”
Proppants are used in hydraulic fracking to ensure flow from an induced fracture.
Coretrack was up 12.5 per cent on the news to 0.9 cents per share at the time of writing.