Transcript from Aircraft Accident Investigation report:

1906 hours
Valentich: Melbourne, this is Delta Sierra Juliet. Is there any known traffic below five thousand?
Melbourne: No known traffic.
Valentich: I am... seems to be a large aircraft below five thousand.
Melbourne: What type of aircraft is it?
Valentich: I cannot affirm. It is four bright... it seems to me like landing lights.

1907 hours
Valentich: Melbourne, this is Delta Sierra Juliet. The aircraft has just passed over me at least a thousand feet above...
Melbourne: Roger.. and it... it is a large aircraft? Confirm.
Valentich: ... er unknown due to the speed it's travelling. Is there any airforce aircraft in the vicinity?
Melbourne: No known aircraft in the vicinity.

1908 hours
Valentich: Melbourne, it's approaching now from due east towards me...
Valentich: (open microphone for two seconds)
Valentich:...it seems to me that he's playing some sort of game... he's flying over me two... three times at speeds I could not identify...

1909 hours
Melbourne: ... roger... what is your actual level?
Valentich: My level is four and a half thousand four five zero zero...
Melbourne: ... and confirm you cannot identify the aircraft...
Valentich: ... affirmative.
Melbourne: roger... stand by...
Valentich: ... it's not an aircraft it is... (open microphone for two seconds)
Melbourne: ... can you describe the... er... aircraft?
Valentich: ... as it's flying past it's a long shape... (open microphone for three seconds)... cannot identify more than that... it has such speed... (open microphone for three seconds)... before me right now Melbourne...

1910 hours
Melbourne: ...roger... and how large would the... er... object be?
Valentich: ... it seems like it's stationary... what I'm doing right now is orbiting and the thing is just orbiting on top of me... also, its got a green light and sort of metallic like... it's all shiny on the outside...
Valentich: (open microphone for five seconds)... it's just vanished...

1911 hours
Valentich: Melbourne, would you know what kind of aircraft I've got? Is it military aircraft?
Melbourne: ...confirm the... er... aircraft just vanished...
Valentich: ... say again?
Melbourne: ... is the aircraft still with you?
Valentich: ... approaching from the south-west...
Valentich: ... the engine is rough idling... I've got it set at twenty three twenty four and the thing is...

1912 hours
Melbourne: ... roger... what are your intentions...
Valentich: ... my intentions are... ah... to go to King Island... ah... Melbourne that strange aircraft is hovering on top of me again... (two seconds open microphone)... it is hovering and it's not an aircraft...
Valentich: ... (17 seconds open microphone)...