I've been there Johanna. It's no fun. Chester oozed for several days and it was very scary at first, but then my usual vet came back from vacation (stuff only happens when he's on vacation ), and he explained that sometimes this happens. Chester actually had an open cavity that needed to drain. Needless to say, I had a horrible time letting him out to potty, cause I couldn’t let any grass get inside the cavity and Chester's only about 6 inches from the ground, and of course a bandage was out of the question.
It was a horrible experience, and I hope nothing like that ever happens to him again. Poor Mr. Binx. Try to leave it alone as much as possible. Believe it or not, the more you "fiddle" with it the worse it can get. *sigh* So sorry you two are having to go through this.