I'd not recommend adding much water – one or two drops at most.
Instantly waxy and *old* on the nose, with a great sense of rich, creamy texture. The sherry hoggie remains well-mannered in the background, providing a marzipan-like sweetness and rather shy red fruit notes. Love the balance between oak and spirit here. Despite its 31 years, it's not oaky at all, and the (cough, cough: ***farclas) distillery character comes through nicely, with a fat, orange-y, weighty, biscuity baseline.
As far as individual aromas go, I'm getting aged prosciutto, aceto balsamico, licorice, leather, almond, blood orange, orange blossom, apricot, Cherry Heering, Schwarzwälder Kirsch, a whiff of eukalyptus and/or menthol, and mellow / creamy old oak.
A bit closed initially, perhaps, but that can be ameliorated with time / air.
As expected, super rich and creamy on the tongue, with an oily weight and lovely texture. There's a minty freshness weaving its way through everything that IMHO does not come from the alcohol but rather from the old oak. A bit of juicy, fruity sherry (whether PX or Oloroso I couldn't tell you, since the sherry influence is so understated, but I'd be inclined to think it's the former), and loads of tiny, herbal and spicy moments coming from the refill wood, without any aggressive aspects.
Pretty long and very mellow fadeout, without any new flavors, major highlights or bad surprises. Marzipan comes in big again. More resiny wood now, but not going overboard with it. I can't quite put my finger on why the finish seems a bit of a letdown, but somehow that's my impression.