The well reached a total depth of 1,451m without encountering producible hydrocarbons.
The company said extensive shows of oil and gas were seen in the well throughout the Triassic section, indicating close proximity to the edge of the field.
Max Petroleum also plans to proceed to drill two additional appraisal wells beginning in January next year.
The SAGW-2 well will be cased for use as an injection well during future field development.
