Any ideas ?

[JonnyCJ]

There’s an elliptical hole on each front wheelarch liner and I have no idea what it’s for. It’s at the top of the liner and allows water and muck into the engine bay.

Can’t post a pic, but anyone with a V8V will probably have the same.

[ilikeAstons]

... is it right at the top, or towards the rear of the headlights (if so, it for adjusting/bulb replacement)?

[JonnyCJ]

It’s about 1 o’clock, higher up than the light access panel.

[TR-Spider]

My best guess is that the hole is an afterthought...probably the clearance for the tire was too tight with a complete inner liner (which would stay somewhat closer to the tire).

Or, if you favour a more fancy explanation, it's an early form of de-pressurisation of the wheel arch...