What is this?

I seem to have a small leak from this engine cover plate, but can't seem to find out what this covers. The pics are taken from driver side rear wheel (wheel off). I am wondering if I can take the cover off and replace the seal - or will fluid come pouring out?!? I did give the 2 bolts a little tighten, but the next day a drip formed again. The fluid does not seem to be engine oil, yet is has a slippery feel to it. What are your thoughts? 03 986S 60,000 miles.

I'm sure Alden or Loren can probably answer for certain but since that looks like a coolant drip I would guess if you open that up you'll need a container to catch quite a bit

They call it a water flange and it takes the same kind of gasket that the water pump and thermostat housing use. List price is $3.78 and the part number is 99610133650. You will lose quite a bit of coolant so you'll need to fill and bleed the cooling system after replacing the gasket.

Thank you so much, I could not find that info anywhere!!! Now it looks like I got a project to do...