Ok, i finally got it working.
Fount was leaking at 6 spots. Soldered, finally replaced.
Mantles either not lit / too large. Or to small and flames aura around it. Generator choked with oil coal.
Wrong generator equipped. 200 gen instead of 220 gen. Replaced with new generator.
New genertor still too large jet, creating flames aura and fat burn. Larger 300cp u shape mantles mounted. Still flame aura.
Generator jet orifice and needle-tip optimized for perfect fit. >> Perfect, no smell, burn. Yeah.
This lantern cost about 10 mantles and numerous full strip-down and re-mount. Incredible beast.