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Search forBuy yourself an oil well in £6m sale
Wednesday, November 12, 2008, 07:30
The value of the lots is expected to break through the £6 million barrier if all properties go for the guide price.
But the most unusual, the two oil wells and surrounding land at Weston, near Newark, will not attract would-be barons as the sale does not include rights to the black gold.
Rob Ward, partner at JH Walter of Mint Street, is in charge of the auction.
He said: "The buyers will be acquiring fairly modest slices of the world oil industry.
"Unfortunately ownership of the land does not convey ownership of the oil. That belongs to the Crown. On the other hand, the sites of the well heads are leased to an oil company and they pay an annual rent of £675 for each."
Auctioneers also hope a quaint reading room in Main Street, Norton Disney, will capture someone's imagination and go for around £30,000.
Norton Disney Parish Council clerk Charlie Rudkin said: "There are many things it could be converted into. A heritage room would be nice or it could be used as some weekend accommodation, although it is very small."
The auction will take place on Wednesday, November 19, at 3pm at the Bentley Hotel in Newark Road, South Hykeham.
Find out more about what's going under the hammer in Wednesday's Echo
An oil well at redroofs Farm at Weston near Newark
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