Leaking oil under the distributor?

I bought this as a project car to work on and have just gotten it to start. But when the engine is running pressurized oil come shooting out of somewhere under the distributor. We thought it was from the distributor shaft itself but that seems unlikely. The new suspect is a bolt and hose just under. The hose from the diagram we have found should go to the carburetor. But instead, the hose ends three inches from the bolt that we think is leaking oil. We need to figure out if this is actually where the oil is coming from. And how to stop it.