bike looks like 1995 not 1994,is fitted with 1996 crankcases which where water "cooled" but were a disaster because they heated the engine to a point where the main bearings used to lose their nip in the cases and started to spin.The modification was to remove the water cooling pipes and blank off the base of the cylinder barrel with a stainless shim gasket and blank off the water return ,this is the tapped hole on the bottom of the crankcase which is the hole you're pointing at.this is usually blanked off with a m10 allen screw which is missing.