The Old Wandmaker asks the Hero/ine to help him catch a Phantom fish. The Phantom fish can be found hidden in a water tile. It will not be visible to the player until the Hero/ine searches the cell containing the fish.
Once the fish is given to the Old Wandmaker, the Hero/ine will be rewarded with the choice of either a Battle Wand, or a Non-battle Wand.
It can also be eaten, however, the Hero/ine won't be able to get the reward from the Old Wandmaker afterwards. It gives the Hero/ine Invisibility.
Oh, what a pleasant surprise to meet a decent person in such place! I came here for a rare ingredient: a phantom fish. You can catch it with your bare hands, but it's very hard to notice in the water. Being a magic user, I'm quite able to defend myself against local monsters, but I'm getting lost in no time, it's very embarrassing. Probably you could help me? I would be happy to pay for your service with one of my best wands.
Upon speaking to the Old Wandmaker without the Phantom fish: Edit
Any luck with a phantom fish, <Hero/ine (Sub-)Class name>? You may want to try searching for it in one of the local pools.
Upon returning to the Old Wandmaker with the Phantom fish: Edit
Oh, I see you have succeeded! I do hope it hasn't troubled you too much. As I promised, you can choose one of my high quality wands.