I have a 1991 but I think the warning light functions are the same.
Turn key on all 3 lights should illuminate for a short period (bulb check) then only the green should stay on indicating at least 1/4 full on remote tank.
When the remote tank drops below 1/4 full the yellow light will come on AND the system will NO LONGER automatically transfer oil from the remote tank to the engine tank.
If you keep running the the engine tank will drop to the point where ther red light will come on and you should get a warning buzzer AND the motor will drop to 2000RPM.
At this point you can either refill the remote tank to resume normal operation OR if you do not have oil available you can take the hood off the motor and use the manual transfer switch to transfer what remains in the remote tank to the engine tank.
Looking at the motor from the back (you are outside the boat) the switch on mine is on the left hand side of the computer module.
HTH
Steve P.
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