What was found
AIRCRAFT DEPARTED. ON ITS FIRST FLIGHT ABOUT 8:45, PILOT HEARD A BIG BANG COMING FROM THE ENGINE FOLLOWED BY POPPING SOUND AND LOSS OF POWER. THE PILOT WENT INTO EMERGENCY PROCEDURE. AS DECREASE OF POWER, ENGINE CAME BACK ON-LINE. THE PILOT MANAGED TO SET THE ACFT DOWN ON A PRIVATE PROPERTY. MECHANICS WERE SENT OUT AND FOUND BLEED VALVE INOP. REPLACED THE VALVE AND C/W RUN-UP AND OPS CHECK AND FOUND ACFT AND ENGINE SERVICEABLE.