I'd have to agree with your buddy, air leaking from the pellet loading end (breech) or out the muzzle end would indicate its coming from the poppet valve.
When you disassemble be careful when pushing the O-rings past the hole where the pressure gauge resides as its sharp and will tear the O-ring if you don't help it with your fingernail or other non-sharp tool. speaking of which I would recommend pushing all components forward toward the muzzle end to prevent dragging the O-rings over all the sharp machined slots toward the rear of the pressure tube.
I would highly recommend rolling up some 400 grit sand paper and taking the sharp edge off the pressure gauge hole while you have it all apart. it makes pushing the O-rings over the hole a non-issue for future disassembly.
I use automotive brake cleaner to clean everything as it leaves no residue and is safe on the O-rings.
Don't forget to use 100% silicone oil or grease only to lube O-rings upon reassembly.
Good luck
Karlo