It turns out my oil pump is a bit lazy and doesn't circulate the oil properly round this area when the engine is cold. My mechanic said its not a problem and has known Fiesta's to go on to 1000's of miles in this condition and the best thing to is not rev the engine when cold. He said the rest of the car is in very good condition including the bodywork, gearbox, clutch etc so if the worst comes to worse he said it would be quite cheap to put a new engine in it as he can get good Fiesta engines from a scrap yard for virtually nothing. He said there isn't much work involved in changing in an engine in a Fiesta. He's checked the tyres, steering gaiters, suspension etc and reckons the car will pass the MOT no problem . I guess for £400 I haven't done too badly as I can live with the cam shaft rattle.