The preferred pulser is a mud powered oscillator powered by the pressure variation produced across the signal valve by the unstable action. The signal valve comprises a poppet and cooperating orifice. The pressure drop across the orifice is used to urge the poppet away from the orifice and an opposing spring drives it toward the orifice. The preferred poppet control is a permanent magnet that secures the poppet in at least the signal valve open position. To generate a pulse, the permanent magnet is opposed by a magnetizing coil arranged and powered by the associated MWD instrument to oppose the permanent magnet, to release the poppet to close the signal valve. The pulser is arranged to provide a generally central axially extending bore to accept a conductor extending axially through the pulser. Optional features include an acceleration compensator, and a mud powered electric energy generator. Optional features include hydraulic actuation and control of the poppet. The poppet can be fitted with an automatic pulse pressure amplitude control. The poppet can use overtravel to produce the on-pulse dwell time required to build pulse signal energy rather than the use of energy to hold the signal valve closed. Various mounting options are provided.