The contents of the stomach juices are at a pH of about 3 thanks to hydrochloric acid. Therefore the chemistry would be olive oil, citric acid and hydrochloric acid. Probably about pH 2 with all that citric acid (from lemons and grapefruit). Bile would be expelled from the gall bladder in an attempt to aid in the digestion of all the oil. Who knows what this might result in but I would expect that most of the oil would be absorbed in the small intestine. Probably wouldn't be enough left over to produce hundreds of those small blobs. On the other hand if one is less able to absorb ('digest') this fat then this could account for the varying results (some people pass blobs other's don't). The only conclusive test is to run samples on an instrument which can separate substances. Please ask labs to test for chlesterol on a HPLC (high performance liquid chromatogram)system - they need to see a peak for cholesterol that would not appear for olive oil (obviously). A digestion simply for fats (which is probably what some labs would do, simply because it is not usual to excrete fat) would not be indicative.
Hope this helps!