This is a very polished entry. Seriously I don't know how you got this looking so good so fast but consider me blown away!
The atmosphere is well designed and the gameplay is brief but compelling. It's creepy and cramped and I applaud you for your use of the small play space and seated gameplay! Being locked to your chair is a wonderfully clever use of the medium and I found the time pressure of the rising water to be a perfect complement to the experience. Additionally, it's metaphorically quite sound: you sit in your chair and trap yourself in the headset (in my case locking myself to the desk that I've been locked in to for the past 72 house game jamming) then you escape the well and "escape" the headset.
This game is a solid idea executed beautifully. I'm glad I got to play it and I'm excited to see what ya'll go on to make next!