348 burning oil on left bank

My 348 was in storage for 10 years, so now I am retired I have more time to play so the first thing was new cambelts, thermostat, waterpump, plugs etc.

So now we are running and she pulls great and a smooth tickover, the right bank is ok but the plugs on the left bank are all equally black with a whitish tip, there is white oil smelling smoke from the exhaust and oil around the first exhaust joint.

All 8 cylinders have the same 11.75 bar compression, I have reset the resistance in the MAFs and swopped them over with no difference, I have tried the Italian tune up with no difference. (I am chased down the road with white smoke). There is no oil contamination in the water and vice versa. All the 4 plugs on the left bank are exactly the same so if it were a valve stem then surely it would only be one plug. If it was a head gasket then it would affect one or two plugs, I have swapped over the pressure relief valves with no difference. So what is putting oil equally into all 4 cylinders ??? Please help.

 

Hi, Yes it did smoke before the major engine out service. (I hoped the service would sort it), The plugs are brand new from Ferrari suppliers and the same plugs in all 8 cylinders. and as I mentioned before there are oil drips at the first joint in the exhaust pipe.

 

Ferrari Magic Faries ?????

Well I started up the car to bring her to the front of the garage to do a leak down test and check oil level and I thought, hmmmm theres no white smoke. So i ventured out into the driveway and did a couple of circuits around the block. - No white smoke and looking at the plugs they were all clean. So today I ventured out and did about 20 miles and temperatures seemed stable. No white smoke and afterwards the plugs looked normal. So that 20 miles is the first road test in 10 years and everything seemed normal touch wood. So any ideas about the white smoke and oiled up plugs ????