Andy.
If it's not simple , ie. pvc or oil overfill , or you may want to change the oil and filter if you didnt already do so just in case the dipstick is wrong or reading wrong. then put the 5 or 6 litres of oil as required.
otherwise, then yes you may have a piston leak or piston ring leak.
You can check that pretty easily by cranking the engine over to top dead centre (tdc) and then removing a spark plug and with a compressor blow 100psi into the cylinders one by one. IF you hear the air escaping past the cylinder, heads, and into the intake / carby then you have a problem.
Cheers,
Frank.