UK Car Repair: 1976 Rolls Royce Silver Shadow, rolls royce silver shadow, royce silver shadow

Question
This car has original 56,000 miles.  The oil light goes on, then an alarm goes on for 2 minutes and engine shuts down. Checked the oil level and its okay. The car has sat for over a year before I took ownership of it.

Answer
Under what conditions does the light come on? while you are driving, hot engine etc, and what is the oil gauge reading? The alarm ( a presume a buzzing sound) is usually activated by the ignition key being inserted.  Another more persistent sound is an overheat warning from the engine  does it appear to be overheating?