University of Queensland researchers have rediscovered an "extinct" bat species in Papua New Guinea.

The first and only specimen of the bat species - Pharotis Imogene - were collected by an Italian scientist back in 1890.

Now, Catherine Hughes and Julie Broken-Brow, both students of the UQ School of Agriculture and Food Sciences, reported that they have found the bat species during their field expedition in the Abau coastal district in Papua New Guinea, according to a news release.

"The species was presumed extinct," said Dr Luke Leung, one of the study authors, in a news release. "We captured one individual about 120 km east of the only previous known locality at Kamali."

Pharotis Imogene is called Thomas' Big-eared Bat and is listed as critically endangered (possibly extinct) on the International Union for the Conservation of Nature "Red List" of Threatened Species.

The newly discovered bat species has large ears and simple nose-leaf located behind their nostrils that distinguishes them from other bat species of the region.

"Further studies need to be done to establish whether the New Guinea big-eared bat is one of a small number of mammal species endemic to the south-eastern peninsula region, or if it occurs more widely," said Dr Leung.

Papua New Guinea is considered to be a biological hotspot as it contains about seven percent of all the world's species.

"Many of the coastal lowland habitats throughout Papua New Guinea are among the most threatened in the country due to clearing for logging and agriculture, and more field surveys of local bat populations could assess the conservation status of the species and inform future strategies to ensure their preservation," he said.

Recently, SUNY College of Environmental Science and Forestry's (ESF) International Institute for Species Exploration (IISE) had compiled a list of top ten new species of 2014. The finding of new species or finding "extinct" species shows that several creatures are yet to be discovered and documented.