GeoGlobal said the Sara-1 well reached total depth of 3928 metres and hit some high quality reservoir sands but they were water wet with no commercial hydrocarbons present.
The well is being drilled using the semi-submersible Noble Homer Ferrington in water depths of 1400 metres.
The previous well Myra-1 was also uncommercial.
Paul Miller, GeoGlobal's chief executive, said: "The result from the well did not meet our expectations but we believe there are additional prospects in the Myra and Sara licences and the basin.