The oooooo is the Oil level guage. oooooo mean the level is ok. When the level drops the number of o's drops and it shows something like 000---
oooooo not flashing means level correct
oooooo Flashing means too much oil
oooo-- Means level above minimum but below maximum Fewer o's means lower oil level
o----- flashing means no oil or guage fault. If the oil level is ok on the dipstick then the guage is faulty.
The oil level using the dipstick is only correct if the car has been on level ground with the engine off for more than ten minutes
I agree that the guage can be 'wrong' but on both of my 307's so far the guages only shown an incorrect reading when the car is not on level ground. When I park my car at night, I park it pointing down a hill and with a camber to the right and the guage shows low oil BUT when I park at work on a level car park, the guage correctly shows that the oil level is just right. The dipstick would give me the same results though. I don't use the guage to let me know if I need oil as I regularly check the oil using the dipstick but is is nice to have the warning on days that you wouldn't normally check the oil.