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That's what I was thinking.
Can you see the cams if you take the oil cap off on the Valver lump? I've never looked one over before..
If so, get someone to turn the car over. Watch and see if the cams turn.
AP developments aren't far from memory.
Where is the leak? I'd be pretty certain it's just the rocker covers leaking, rather than the dephaser. They're pretty common for it.