Exception Access Violation... module unknown

[skatingsdead]

Hi, recently bought the Penumbra collection and get the following error in Blackbox when I try and start the game:

Penumbra.exe caused an EXCEPTION_ACCESS_VIOLATION in module <UNKNOWN> at 0023:00000000

HPL File:
-------- THE HPL ENGINE LOG ------------

Creating Engine Modules
--------------------------------------------------------
Creating graphics module
Creating system module
Creating resource module
Creating input module
Creating sound module
Creating physics module
Creating ai module
Creating gui module
Creating haptic module
Creating scene module
--------------------------------------------------------

Initializing Resources Module
--------------------------------------------------------
Creating resource managers
Misc Creation
--------------------------------------------------------

Initializing Graphics Module
--------------------------------------------------------
Init low level graphics
Setting video mode: 800 x 600 - 32 bpp

Graphics card is an ATI HD 4850 and this is Windows 7 if that's of any relevance.

Thanks.