Very oily air filter

Thanks for adding me as a new member. Last had a MG TF160 in 2010 followed by a TVR Chimaera, and an Audi TT and have now returned to the fold.
Picked up my new TF (2003) on Monday and am now gradually checking her over, few issues to deal with so far but nothing too scary yet!
On checking the standard paper air filter that was last changed 6k miles and 5 years ago I have found it is completely saturated in engine oil, so much so that there are several puddles at the bottom of the air filter box. The large hose that connects the top of the box to the throttle body also has traces of oil in it.
I'll put a new filter in and keep an eye on it, but was curious to know if this is an issue others have come across? The car has done 50K miles and has been very well maintained etc.

Hi. Welcome to the forum. It would be worth checking the oil breather is in good order. The next reccommendation would be to check the state of the spark plugs for oil

Thanks for the reply, I'll check the plugs when I fit the new filter, I did check the breather pipes and they were both clear though.
I was just wondering if a badly oiled air filter might indicate HGF at all?

If in doubt Andy I'd suggest doing a compression test. Lets hope it isnt head gasket failure but to put it in perspective if the worst were to come to the worst it's not a nightmare of a job on a K series and it creates an opportunity to do the cambelt and water pump at the same time for peace of mind.