That is most likely oil from the exhaust. Those two holes drain blind cavities in the lower unit. Smell it! If it smells like gasoline, it is definitely waste oil. If it smells of sulphur or an "Odd" odor it will be gear oil. Gear oil is distinctive--once you smell it you will never forget. Open the drain plug and put a drop on your finger then smell it to compare or if you have a tube ot lower unit lube, smell that.
