Oil Leaks
Howdy Boxer,
There are a couple of possibilities. There is an oil seal behind each cam gear that can leak all the way down and drip off the bottom of the engine. There is also an oil seal behind the lowest gear that the timing belt goes around (adjacent to the crank gear.). Fortunately, your leak is on the rear belt area. I suggest you remove the cam belt cover and look around. I had a 308GT4 for a long time, and it was the exhaust cam seal that leaked. The seal was shot, but it had worn a groove in the camshaft. I ended up using a SpeediSleeve on the cam, new seals on both cams, and the leak went away.
If you decide it is the lower seal, that is another story. On some engines, the seal is right behind the lower gear and can be replaced pretty easily. But on others, it's actually inside the front cover. Supposedly you can get the front cover off the engine while it is in the car, but I couldn't do it on my 328. Let's hope it is the upper cam seals that are leaking. How bad is the leak? -Steve