Ticking/Puffing Noise in my v8i

I have seen a few posts on this subject, so forgive me if this has been answered somewhere else....

Just today my Disco 1 v8i started making quite a loud 'ticking' noise. On further investigation, it seems that the noise is actually more like an air escaping 'puffing' sound - like an open compressor or air hose.

I get about 1 tick/puff per rev and it never disappears.

My quick search under the hood makes me believe the noise comes from the right side of the engine, and towards the rear. Didn't have time to searhc further before it got dark, so am am asking "the panel of experts" for suggestions for when I go out there agin tomorrow...

Well, I now know what the problem is......blown head gasket right side third cylinder adjacent to the exhaust outlet flange (but it definitely is not an exhaust leak).

Lucky me.

Lucky me. I've had exact same problem. Took head off, gasket gone and block cracked. Have now bought new engine! Hope yours not so bad!