I have a 73 spectra 18 / 455 390 horse that has clean water leaking out from the passenger side valve cover. Where is this water leak likely to be originating from? been reading alot of blogs and there seems to be alot of answers. oh , berkley jet with a meirsch preloader, do have a 40 psi pressure reducer in line, no oil in pan , just on the valve train both sides. water dripping was visible at 4500 rpm and was not at any lower rpm. Hardin marine snails, motor is basically stock , we did a rebuild on this engine about 5 yrs ago and the boat is rarely used. last summer the pan did fill up wtih water and we did a clean out and installed new valley pan for the intake, replaced exhaust manifold gaskets with copper gaskets this time. Have yet to do a comp. test.