well if it is spraying in that area, the only thing it can be is oil, water or petrol.
Remove the plug from the dizzy and crank the engine over whilst holding a rag in that area, stop when it starts spraying out again. If the rag smells like petrol you're going to have to replace the fuel rail ASAP!
Obviously when doing this you'll want to have a wet towl handy to smother any flames if the worst happens, but as long as the engione is cool as said it shouldn't burst into flames.