A drilling operation wherein a borehole can be drilled through earth formations with a drill bit at the end of a drill string, using recirculating drilling mud that flows downward through the drill string, exits through the drill bit, and returns to the earth's surface in the annulus between the drill string and the borehole wall, at least a portion of which has a mudcake thereon, and a surface pumping system for pumping the mud to recirculate. Determining true formation pressure, including the following steps: providing a measurement device, having a probe, on the drill string; controlling the mud flow rate to obtain a first measured borehole pressure and measuring, with the probe of the measurement device, as a corresponding first probe pressure, the pressure in the formation adjacent the mudcake; controlling the mud flow rate to obtain a second measured borehole pressure and measuring, with the probe of the measurement device, as a corresponding second probe pressure, the pressure in the formation adjacent the mudcake; and deriving the true formation pressure from the first and second measured borehole pressures and the first and second probe pressures.