Steve is exactly correct and has given good advice.
The stuff leaking is not oil; it's anti-freeze.
The heater control valve is exactly like a facet in your house. When you move the heater control on the dahboard, this valve opens (and lets hot engine coolant into the heater inside your car).
Have you ever seen old-fashioned houses that have a cast iron radiator in each room? Many times, each room-radiator will have a valve on it to allow more hot water to flow (to make the room warmer). This valve on your MGB does the same thing.
Anyway, if you drive it in the meantime, check your radiator level frequently. You don't want the car to get too low on coolant (or it will overheat).
Also, if you move the heater control on the dash to a different postion, you might find that this valve will drip a little less (not that this would be a permenant "fix").
~Moss Motors~ lists this valve at under $30 (part #23 in the link) but there are many other places you could get it too.
Here's what a clean MGB heater control valve looks like (below):