There's a chance it's rough water as there were no wading plugs in. But it's weird that it only comes out when the engine is running. Makes me think it's a gasket or oil seal of some description.

think the only way your find out is to take the cover off
 
Lee need a Good and i mean Good quality breaker bar wedged against the chassis not touching any pipes then pull the white wire form inj pump and a couple of touches of the key to crack its hold. MAke sure its undoing it not doing it up tho
 
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Very very dirty, although the belt looks new. A load of oil at the bottom. I'm guessing from the crank shaft. What are your thoughts gents?
 
If you do run it make sure you put the crank pulley on and bolt and don't run it for two long because you haven't got any water.
 
Whilst the cover is off do cam seal, crank seal, new tensioners and belt. all of these should be done every time the belt is renewed. Saves lots of hassle down the line. Dont forget to put a new cover seal and gasket on and while you are there think about a wading pipe/tube for the cam belt cover drain hole.

Clean everything perfectly clean. Carb cleaner works great as does degreasing fluids. Dont stop till it flows clean then I wash it all with hot water and then dry and wd40 the steel parts and dry with decent cloth/rag.
 

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