Discover Exploration was founded in 2012 by the former management team of Cove Energy plc, following its sale to Thailand's PTT Exploration and Production Public Company Limited (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$195 billion of assets under management across 317 investment vehicles.

In 2018, Discover acquired Hansa Hydrocarbons Limited.