Discover Exploration Ltd was founded in 2012 by the former executive team of Cove Energy plc. 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$174 billion of assets under management across 306 investment vehicles (as of 30th September 2017).