Weep hole or is this a problem?

I have a 1990 Johnson 30 hp long shaft. Noticed last week that there was a bit of milky oil (aspirin size) located at a round hole that is on the opposite side of the normal oil fill screw, (the top one). As you face the prop, this hole, (about the size of a ball point pen point) is on the left, level with the oil fill screw located on the right. I have looked at the exploded view of the LU and it only shows the right side. Is this a weep hole? or is this something to be concerned about? Am I missing a rubber stopper that would go in there? It seems odd to me that if this is made by mother nature, it turned out to be round. I have changed the LU oil using the recommended 80-90 wt. When I drained the 'old' oil, it was a deep blue color w/o any water on top of it. That 'mystery' hole is normally covered up with the transom saver Y-branch during transport. let me know what you think or what I should do.
Thanks to all.

Re: Weep hole or is this a problem?

I can think of any thing other than you had some oil or something get in there off the road or something like that. Between the transum saver and the LU.
Id clean it off the LU and the TS and then keep an eye on it to see if it comes back.

As for the hole, i think water comes out of it when running or on the hose.

Re: Weep hole or is this a problem?

You're obviously sealed well in the gearcase, so it's just unburned fuel/oil mix. I idle a lot w/my '75 15hp, and it's gunky too, out of that hole, and around the inside of the prop. You're all good!