Bore dug uptill 560 foot

Bore showing water level but no supply found

We dug a borewell of 560 ft full casing. Found water at 420 ft after the black hard rock layer vanished at 400ft. Continued drilling red soil (which is suggested to have water) for further upto 560 ft. In summer we did the bore and checked it, the water level raised and came to 300ft. Later we installed submersible pump of 12.5 hp with 12 head (50ft each). The motor was giving 2inch water with no pressure later we installed a motor to 470 ft in search of 2inch pressure but the water vanished and the water extraction came down to 1/2 inches. Is there any chance of getting water if keep the motor at 540 ft bottom? We are a bit sure of the water as we have seen by torch a heavy water stream at 300 ft. Should we reduce the motor hp for good pressure ?