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Previous reports indicated that all passengers and crew had been evacuated safely.
But in a statement released Saturday, Air Niugini said they "were working with local authorities, hospitals and investigators to locate this passenger who was on board" flight PX073.
The statement added that Air Niugini was working with the embassy and the missing passenger's tour operator to contact his family and that his location remains the "main concern" of the company. The airline has not indicated the nationality of the missing person.
The Air Niugini Boeing 737-800 aircraft carrying 47 people – 35 passengers and 12 crew – plunged into the water after "landing under the runway" at the Weno International Airport, the main island of Chuuk State in Micronesia. .
A few minutes later, local fishermen were on the scene with a flotilla of small motor boats to rescue people.
Bill Jaynes, editor of a Micronesia-based newspaper, was on the plane when he hit the water.
Jaynes said the people in the plane were in the water up to the waist and had used the emergency exit to escape.
Photographs and video footage broadcast online showed small fishing boats surrounding the aircraft in semi-immersion, transporting passengers safely.
James Yaingeluo, one of the first to arrive at the scene, said that the plane had landed more than 500 meters from the runway.
"Fortunately, it happened during the day," he said. "When the plane came to a standstill, all the civilian ships came to help transport the passengers to the mainland."
"Once the doors are open, everyone is fighting to get out," he added. "All the passengers were scared and shocked."
"The airline is making every effort to ensure the safety and immediate needs of our passengers and crew," said Air Niugini.
The airline said it had received reports that "the weather was very bad with heavy rains and reduced visibility at the time of the incident."
Passengers and crew members were taken to the hospital for checks and no serious injuries were reported.
The trail, like others in the North Pacific, is relatively short at 1,831 meters, surrounded by water on three sides, AFP reported.
Air Niugini has only one 737-800 among its fleet of 21 aircraft on its official website.
