An apparatus for creating pressure pulses in the fluid of a bore hole is described. The preferred embodiment takes the form of a mud pulser apparatus having a signalling valve controlled by a variable pilot valve. The forces on the signalling valve are balanced and controlled by the flow of mud through the variable orifice of the pilot valve. The arrangement is such as to act like a hydraulic amplifier, and results in the signalling valve being compensated for variable flow rates. In the preferred embodiment, the pilot valve has rotary vanes that allow it to be self-cleaning.