Where abouts is that hole exactly? Looks like it's thrown a rod from looking at the size and shape of the hole.
Lots can cause this but to sum it up; ether something was shagged beforehand, it got worse then went; or there wasn't enough oil in the engine either caused by sudden loss or loss over a gradual time (the former in this case judging by the service). The last option is over revving the engine, but on your word, this isn't the case. The only way to know for sure is for an expert to strip the engine and inspect everything. More often then not they should be able to tell you the cause of the failure.
It might also be worth getting the fault codes read from your ECU if it is storing any. If it's storing an over rev then this could have caused fatigue on the internals and they just go due to wear.
Oil light will come on when damage is done or when there's a faulty sensor so its hardly like it that you would have noticed, especially if you was caning it and lets hope looking ahead and not at your dash.
Two things kill the K series engine mainly, lack of oil or oil starvation, and too many revs. One of these I suspect killed yours.
Sorry to see this all mate, I'm totally gutted for you.