It may just be unburnt fuel and oil dripping out of the exhaust.
Coming out the water intakes on the side of the lower it is most likely gear oil.
But checking to make sure its not unburnt 2 stroke oil is a good start.
The 2 stroke oil usually drips out of the prop hub from the exhaust tube....
Should not be on the water intake side,,but i guess its possible if the exhaust tube seal is gone....
Gear oil is stinky and thick....you should be able to tell the difference..![]()