After a 'spirited' drive home from work this morning, I got home and noticed my Series 2 didnt sound quite right.

Ive just checked all the usual culprits (hoses, oil level, water level, breathers, air intake etc etc), found nothing obvious so did a warm dry compression test.

Results are (from timing side first)... 123, 130, 87, 130.
As a comparison in April they were... 145, 145, 140, 145.

Car is a very healthy example with all new gaskets and seals in the last year.

Ive no smoke from the exhaust, no overheating, oil and water arent mixing.

One other thing of note, there was a fair amount of oil seeping out the oil filler cap (chrome rocker & cap). Ive a bailey breather system, which is fairly new, and clear.

Am i looking at piston rings, or something else?
Head gasket is about 500 miles old, so shouldnt be that hopefully

CheeRS fellas.