It is an early 2+2 4.2 litre 'E' from 1966. Engine also built in 1966, presumably original. DOHC engine with primary chain, and a second one driving the two camshafts.
Oil pump and distributor are being turned at the fore end of the crankshaft, the take-in nozzle
of the pump is in the rear, via this metal tube going from the pump to the rear part of the sump.
There is not enough oil in the oil pump to build up real pressure, it is just well oiled.
I agree it must be pump or distributor shaft, since the valves and camshafts and the whole cylinder head is not yet mounted.
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