YES you have a lack of oil pressure if the light comes on and you hear ticking noises. You need to STOP operating that car until you have it repaired. The pressure should be manually checked, then the oil pan will need to come off and inspected in order to determine what is causing it. Need to remove bearing caps etc, maybe its just the screen, oil pressure problems very uncommon on these. Is there any sludge build up inside the valve covers??? look down the oil fill.