For the last few years i have had a small pea size hard lump on the skin on my penis shaft towards the base. The surface is smooth, no discharge, pain or symptoms. Feel very hard when rolled under the skin. I Have squeezed it between my thumb and pointer finger very hard and it occasionally i will feel as though the lump breaks up into smaller pieces under the skin ... but after some time (few months) it starts to reshape.
if i recall correctly it may have started as a bad ingrown hair some years ago; healed and became cystic.
note: i have very oil skin and fordyce spots which occasionally have white waxy discharge when squeezed.
I suggest you look up Sebaceous cyst. I think you have already detailed how it came about, what has happened is that it has solidified partly, but can still be disrupted through squeezing. Is it worth going to a Urologist or Dermatologist for? Some GP’s do minor surgery but I would suggest they would say that this is not worthwhile. here is some detail I have grabbed from the internet:
" Sebaceous cysts: These are very common in the genital area. They can be alarming. They can grow quite fast, and many patients want surgical excision of these for cosmetic reasons. In some cases, however, they can be relatively discreet, painless and even unnoticed. When they are on the scrotum they can be very prominent and most men want something done. These, however, are quite harmless, can be left alone, other than for cosmetic reasons. "