Discover Exploration Ltd was founded in 2012 by the former executive team of Cove Energy plc. Cove started in 2009 as a £1 million cash shell and was sold in 2012 to Thailand's PTT Exploration and Production Public Company Ltd (PTTEP) for £1.2 billion (US$1.9 billion).

Discover's initial funding came from ONH B.V., the holding company of Oranje-Nassau Energie B.V., the largest privately owned Dutch E&P operating company.

In 2013, The Carlyle Group made a majority investment in Discover. Carlyle is a global alternative asset manager with US$158 billion of assets under management across 281 investment vehicles (as of 31st December 2016).