As no-one else has chipped in; your drill bears a passing resemblance to my Fobco. This has 2 lubrication points.
One, for the spindle bearings, is on the quill, revealed by extending the quill fully downwards. The other is the spindle pulley bearing which would be immediately above the "I" on the Elliot nameplate. Does a screw visible in your picture give access to an oiling/grease point?
The other need is to lightly lubricate the quill itself.
Hope that helps at least in some measure