Northern Territory police are currently conducting an air, sea and land search for a man missing near Wadeye.

At around 7.30pm last night, police received a report of a boat which had capsized in a channel between the mainland near Old Mission and Dorcherty Island to the north.

Two people in the boat have been accounted for but a third occupant is still presumed missing in the Joseph Bonaparte Gulf.

Police, rangers and local groups are searching the water and coastline.