The Rear Engine Seal
We are looking at the engine from the rear, and it is inverted. The thick round disc is the rear end of the crankshaft. Directly above it is a removable cast iron piece which comes out in order to gain access to the rear crank bearing and the oil seal. On either side you can see a not-quite-square hole; these are really  channels that run down the length of the piece. They get stuffed with lengths of felt that are soaked in some kind of sealant, to prevent engine oil leaking out of the crankcase at those joints.
You can also see a semi-circular plate being held in place by four bolts. Out of sight is its mate; together, they hold the crankshaft's oil seal in place. 
On to timing chain page