MGB: Fender seam ???

I will be replacing my front fender ("wing" for you Brits out there) and noticed that there is currently some sort of material between the fender and the valance (near the windsheild). Is this a seal, a form of putty, or ???

Also, what have you used to replace this material?

Between the fender and cowl is a beading strip that is metal and available from Moss. You will find it is welded to the fender. When installing the fenders, be sure to have some seam sealer between that beading and the cowl to keep water from entering the cockpit.

Thanks Chris!