First the good news. Wolves are closer to mastering their new formation and Kevin Doyle is nearly fully fit.

Now the not so good. They’ve got to start converting their chances.

Seven days before the start of the Premier League campaign, Wolves’  third defeat of pre-season was also their third blank of their  nine-match warm-up programme.

All through the summer, Wolves have created plenty of opportunities.

But time and again – just like Albion last season – they have failed to make the most of them.

And the concern going into the world’s toughest league is they’re going to be punished if that pattern continues when the real thing starts against West Ham this Saturday.

Manager Mick McCarthy admits his side should have made more of their openings after Matt Jarvis and Andrew Surman (twice) were denied, while Doyle saw a penalty saved, Andy Keogh missed two sitters, Dave Edwards was flagged offside after the ball was in the net and Sylvan Ebanks-Blake fired into the side-netting.

“We really should have scored, especially when you get a penalty, but we created chances,” said the boss.

“Last season was all about scoring from the chances, but I’m sure the goals will come. I was really pleased with our second-half performance.”

The scoreline certainly flattered Real Valladolid, who punished Wolves with two breakaway goals from Haris Medunjanin and Asier Arranz Martinand, although otherwise they failed to trouble keeper Wayne Hennessey.

McCarthy believes the goals were “an eye-opener” if they don’t get their act together.

“The fact their goals came against the run of play was an eye-opener because that’s what will happen in the Premier League,” he said.

“You think you’re in good possession and then it’s in the back of your net and you wonder ‘How the hell did that happen?’” McCarthy however is happy his players are ready for when the action starts for real.

“I’m encouraged by what I’ve seen pre-season,” he said. “It will be a different ball-game this week.”

Wolves are certainly getting to grips with their 4-3-3/4-5-1 formation and it was encouraging to see Andy Keogh and Matt Jarvis – the wide men of the attacking three – again perform impressively.

Both have been two of the best players in pre-season and their strong running and prodigious workrates make them ideally suited to the demands and benefits of the system.

The pair were desperately close to adding to their two-goal friendly tallies in the Molineux sunshine.

Jarvis had Wolves’ best effort, his curling shot acrobatically tipped wide by keeper Justo Villar Viveros on 23 minutes after cutting inside.

Keogh’s big moment came in the 61st minute when he headed wide with the goal at his mercy.

By TIM NASH