Don't be fooled !
It's just been daubed in a certain "wake-up" lubricant in preparation for a partial strip down and rebuild.
Bike has thankfully been in undercover barn storage for quite some time, hence the rims are good, and the rod brake linkage is not seized....that makes a change ! The front "cradle" is slightly bent, and so are the handlebars, but it is old....very old !
Not sure what make it is yet, I have seen one before (painted in at least seventeen coats of blue), the "dorsal fin" on the rear mudguard and the unusual framework style should make it easier to identify/trace the builder....hopefully !