Bishop slowly ran depot (6)

I believe the answer is:

boozed

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'bishop slowly ran depot' is the definition.
I can't tell whether this defines the answer.

'bishop slowly ran' is the wordplay.
'bishop' becomes 'B' (chess abbreviation).
'slowly ran' becomes 'oozed' (to ooze is to slowly run out).
'b'+'oozed'='BOOZED'

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I've seen this clue in the Sydney Morning Herald.

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