I dont know what this means, but my lower unit is leaking an oil/water emulsion from two places. One is directly above the prop, dead center in the fin above it. The other is from a small hole at one of the bolts on the port side. Both of these holes look intentional, as though they are intended to allow water out but not gear oil. They dont look like they are from impact. In fact the one at the bolt hole would be difficult to strike with anything.
