Since the images/report don't clarify if the osteos are mild, moderate or severe it's hard to say much about that report.
A MRI would be a good follow up to have just to get more details.
Or if the dr that ordered the x rays can tell you if they are mild, mod, severe...

[if i do heavy work or even carry a handbag on my right side i get unbearable pain.]

Now this makes me tend to think possible soft tissue cause of pain, do your hands or arms get heavy/ painful?