I've only just found this thread.
You have a two stage compressor there. You will find that there are 4 vavles on this unit. It would be worth stripping theses down and cleaning them you may find there is a build up of carbon on them preventing them from closing fully.
If you decide to remove the cylinder take care. The piston is double acting. The top part is a larger bore than the bottom half.You will need to go into the crankcase and disconnect the conrod to remove the cylinder.
You have a two stage compressor there. You will find that there are 4 vavles on this unit. It would be worth stripping theses down and cleaning them you may find there is a build up of carbon on them preventing them from closing fully.
If you decide to remove the cylinder take care. The piston is double acting. The top part is a larger bore than the bottom half.You will need to go into the crankcase and disconnect the conrod to remove the cylinder.