Capcom has announced a new fantasy action IP, provisionally titled Deep Down.

It's in the works for PlayStation 4, although there was no mention during Sony's conference of it being an exclusive, unlike other games shown.

Capcom's Yoshinori Ono introduced footage running on the company's new next-gen Panta Rhei engine, which appears to able to pump out particle effects and advanced lighting matching the famous "smoking man" Unreal Engine 4 video.

Brief snippets of "gameplay" showed men in armour sneaking through a cave to attack a dragon. One selects a fire arrow, and shoots it at the beast.

The game is in development at Capcom alongside the new engine, Ono said. No other release information was mentioned.

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Capcom insists PS4 action RPG Deep Down is still alive

"The ideas we had before might not have been good enough."

Going Deep Down with Tokyo Game Show trailer

Still no release date, though.

Capcom still Deep Down in development

New footage shows four-player co-op.

PS4 exclusive Deep Down is a free-to-play game

Open beta due upon Japan release of console in February 2014.