Regarding CFM selection in Air Compressor

Hello Cas, This is Sathish from India. I would like to know how to select the CFM and PSI in the Oil type Screw compressor. Actually I want to drill 4.75" (inch) diameter and 5.5" diameter bore for Water well to a depth of 150 to 175 meters. I have two compressor in option. One is CP 500-175 (CFM-PSI) and other one is Atlas 600-200. I don't know which one best suites for my need. I would really like to know, is there any formula to calculate Hole diameter vs CFM and PSI vs bore depth? Thanks Sathish