It sounds like a Formula Blue engine
Yes they are still raced.
They don't need a log book.
However the fact that you don't know these things suggests that the engine might be dodgy, these are questions the previous owner should have been able to tell you.
All the important parts are numbered and the importers/ distributors log to whom these parts were sold and to which engine they were fitted originally.
So, as a responsible driver you will be able to check its provenance. (A couple of stolen engines have been recovered that way). Try ringing Ron Shone at Tabor (01305 774074)
However the value is very dependent on condition, when the engine was serviced and the width of the bore etc.
In a good reconditioned state with a good bore life left the price seems to be around �750 with all its accessories (exhaust, radiator, water pump, power box (the box with the red and green buttons))
If the seller can't tell you much about its service history, then it's less, possibly a lot less.
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