Oil dripping on exhaust manifold

[jkracing]

A friend of mine has an 04 plate 318i m-sport.
It's recently started smelling of oil and having had a quick look, there's oil dripping from a small hole directly onto the exhaust manifold.



There's also a Mayo build up on the dip stick.
I'm guessing it's the headgasket, but it's not using any coolant and there's no Mayo on the oil filler cap.
Can anyone suggest anything else it might be?

[f1stoxfan]

more than likely the cam cover gasket, £70ish plus an hour or so to change, very common