All good guys and thanks for the suggestions and replies, we took "ROKA" out for a run today, all went well until we got into the channel then off went the oil alarm again, we were about to return to the jetty when it stopped.
Being an optimist I said lets just go for a quiet cruise and if we need a tow home we can call a mate who was fishing further out.
Anyhow the engine behaved well, I think now that as I had the oil tank (separate unit altogether) and it's sender etc out for a clean up in petrol, there may have been a small air bubble in the line.
It seems that the low oil alarm is just part of this separate oil tank, we don't have the luxury of heat alarms and the impellors were replaced last year when the frozen open thermostats were changed.
Bad points of the day, no fish and the wind changed blowing a filthy Nor-easter at us to battle home against, but boat works and we had a day on the water.