Yep, its useualy ring's but can allso be valve guides and I guess gasket if its only ruptured between the cylinder and an oil galery.

There will always be some blo-by present even in a fresh engine, its a pretty rough way to check engine condition. like DD said, check your valves for seal using liquid, check the top of your block and the bottom of your head for straightness, if they're fine and the top of the piston also looks fine, put it back together with a new gasket, then comp test it again, if it's still off, get a leakdown test done to check the condition of the rings or put a couple drops of oil into each pot. If the oil raises the comp its usually rings/piston, if it doesn't, it's usually valves.

Cheers Dave.

aw ya can allso "wet test" buy puting some oil in the cylinder whilst ya test it, If the comp comes up after doing so it would sugest it is the rings.

thanks for the help guys, ill run some more tests and see how i go

Now that was some comprehensive feedback aye?!?

Top stuff.