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@hippy
Don't touch the two hole thing for now.. you'll just spill freewheel bearing everywhere.
Put it back in your bike and then use a chainwhip to try and undo the smallest cog (or use two whips).
Do you have a cone spanner? If the splined tool doesn't fit in deep enough you might have to remove that cone locknut (the skinny hex nut thing on the axle)