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Well, that may work for the cap area. The usual issue is once they get as bad as yours are they will also begin to weep from around the gasket area as the bubbling and corrosion make paths for oil to leak out. You can see this on yours in the picture by the lower bolt. This is sadly a very common problem with the magnesium covers BMW used on the S65. Long term fix is to replace them as a unit.
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