Hi Mike
Thanks for your comments; my car was actually a test bed vehicle for Morgan who had it for its first 3/4 years, so whilst it's an S1 it does have some S2 mods as well.
And yes I can confirm that the oil pressure needle does drop to the far left on tickover.
Also the 'engine management' light appears just to be slightly illuminated (compared to the other idiot lights) when the car is running- not be confused with its appearance on the 'check list' when the ignition is on and the engine is not running.
When I bought the car from Brands Hatch Morgan two years ago they said this was a 'regular' fault but was nothing to be concerned about- certainly I've had no engine issues.
Cheers
Andy