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Looks like chain lube residue to me.

It's from your chain.

If it the dealer replaces the tensioner under warranty at no cost to you I would just let them do it.

No such thing as a silly question, if we’re not sure, always better to ask👍

Thanks everyone. I feel a bit silly now but I am glad I asked. Love this forum!

What they said. Looks like chain lube.

Without a doubt it's chain oil. Remove the sprocket cover and give it a good clean.

To help you fish out dropped items from hard to reach places and then put them safely ready for re-use.

As long as it doesn't look like an alien blob you'll be fine.

Thank goodness. A valve timing error for whatever reason is serious. Incorrect assembly is the least worrying. The list of other potential causes is long and expensive!. Valve clearances, on the other hand, is a straightforward DIY job on sensible engines like the NC. Take your time doing it, have mercy on the locknuts, and don’t drop anything into hard to reach places or you will be rehearsing all your bad words.

Yeah, you haven't lived until you've had a good lungful of London.