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Looks like a oil pressure sending unit, and I bet it is on a small block 289 or 302??? No dumb questions here, if you do not ask most that could happen is it could cost you $$$.
Thanks guys, Appreciate the help, mine is covered in oil so at bare minimum I'm gonna clean it up, was just curious what it was.. My #2 cylinder is toast, I think that's part of my oil pressure problem, just saving for my new long block.. It's a daily driver so I just baby it and fix the cheap stuff as I learn more..
Covered in oil could mean the o ring on the thread in tip is shot...I think it has one anyway? If leaking around the elec connecting part or any where else, its just replacement time.
Make sure it is not leaking where it threads into the block adapter. Looks like it has thread tape on it too.
Thanks guys appreciate the help, the one in the pic isn't mine, I just found that pic on here for reference for my question.. I'm gonna clean mine up and check what you said this weekend..