Hey, just fitting a new transducer to the boat and the old one was held on with 2 small screws. The new one needed 4 so used the lower ones and drilled holes for the new top ones.

Water started come out of the first top hole and I thought it was odd. Did the second next to it and more water.

If I block one hole and blow into the other it pressures and you can hear air come out from a small spot where the fuel take sits. So guessing it got in there. I take it that there must be a sealed space in the hull at that point that doesn't go all the way to the bottom or water would be coming from the lower holes too. Must have been a good 5L or more.

The bungs are out and it's been a month since it's been in water. So why does it not drain into the main hull? Is there a way to drill a hole so it does?

It's a old 70s figlass cavalier.

You need to have a really good look inside and find out how far the water has been and how much damage it's done. Lots of transoms killed by improperly sealed holes.