78 johnson 140hp bottom leg leaking oil

[Mojo353]

I winterized the motor recently and now notice a stream of oil trailing from the pi@#e r hole above the vent plug on the lower leg.
I did pull the plugs and spray fogging oil into each cylinder, put the plugs back in and cranked the engine to distribute the fogging oil.
So I'm wondering if it's just fogging oil having made its way down ? Is that hole above the vent plug part of the exhaust system ?
I've just bought the boat and motor and am in the process of restoring it so haven't had it out on the lake yet. The motor appears to run fine with good compression on all cylinders.
Should I be concerned ?
Appreciate any input.
Thanks.

 

[emdsapmgr]

You did not mention what color the oil is. If it's black and looks like tar, that's exhaust residue and is normal-esp after fogging. Usually this residue comes out of the prop area. If the lower midsection exhaust seal is worn, you can get this residue out of the midsection-as you've indicated. If it's a green or amber clear color, then it's likely oil from the lower unit-which could be a problem.

 

[Mojo353]

OK great thanks , looks like its the exhaust seal. It's black in colour.
Thanks for the help.