I have a M54 in my Z and I have had to deal with leaks all over the place when I first bought the Car. Your leak could be coming from the oil pan gasket. The oil housing gasket is another common place. It is best to replace all gaskets.
Glad I'm done with leaks as I've replaced every gasket excluding HG. Next project would probably be a top end refresh. I had the RMS done during the transmission rebuild glad I don't have to worry about that.
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