An Australia based exploration company said it may have found the wreckage of the missing Malaysian Airlines (MAS) MH370 which went missing on March 8.

The company, GeoResonance, based in Adelaide, claimed the wreckage was found about 5,000km away from where the authorities have been looking, 7News Adelaine reported.

The company which had started its own search for the missing plane on March 10 said its research has identified elements on the ocean floor consistent with material from a plane.

Position where GeoResonance claimed to have found the wreckage of flight MH370 in the Bay of Bengal.

“The technology that we use was originally designed to find nuclear warheads, submarines… our team in the Ukraine decided we should try and help,” David Pope from GeoResonance told 7News.

He said the company surveyed over 2,000,000 square kilometres of the possible crash zone, using images obtained from satellites and aircraft.

He added that scientists focused their efforts north of the flight’s last known location, using over 20 technologies to analyse the data including a nuclear reactor.

The team had verified its finding by analysing images from the same area on March 5 and found that the wreckage was not there before the flight’s disappearance.

“We’re not trying to say that it definitely is MH370, however it is a lead we feel should be followed up,” Pope was quoted.

Monday's search area released by the Australian Maritime Safety Authority.

GeoResonance’s Pavel Kursa who was also quoted by the report said that they had identified chemical elements and materials that make up a Boeing 777.

“These are aluminium, titanium, copper, steel alloys and other materials,” he said.

The flight carrying 239 passengers and crew went missing while on its way to Beijing.