Geordie Dave,
If that's genuine mileage on your car then there should not be any major cause for concern.
Here's a few things you could try first.
Remove the oil filter and open the paper element over a clean plastic dish. Dilute the oily residue with petrol and pour it through a stocking to catch any metallic particles for inspection. Look for dodgy white metal/Bronze/steel particles which would indicate internal component destruction.
If all seems ok there, then fit an oil pressure gauge and monitor behavior whilst driving.
There are a good few borescope cameras to sneak a peek into a drained sump to see any obvious damage.
http://www.ebay.co.uk/itm/Waterproof-7m ... SwZ1lWeo7w
Don't fear the worst until you have exhausted all the options. It may just be pinking. Or you could be running on the wrong grade oil.
Good luck.