Sea Panther problems

[claredelune]

Hi All. We have recently purchased a westerly centaur with a watermota sea panther (1 think it is 32 hp) which is much bigger than the original engine. Yesterday it started making funny spluttering / clunking noises and oil spewed out the exhaust. My first thaught was it was terminal. with further investigation the engine still starts and runs, but there is still some oil coming out. the dip stick is full with no sign of emulsification. I suspect a head gasket as there isnt an oil cooler, or i cant see it! There is a water / seawater cooler.
I am half way through removing the head as it needs a service / good look at. Could the oil be coming from anywhere else? all sugestions welcome! /forums/images/graemlins/mad.gif