Global alternative asset manager The Carlyle Group (NASDAQ:CG) today announced it has made a majority investment in Discover Exploration Limited. The equity investment of up to $200 million over the next three years will fund existing operations in New Zealand and the Union of the Comoros as well as new opportunities. This is the first investment by CIEP, a fund that focuses on oil and gas exploration & production, midstream, oil field services and refining and marketing in Europe, Africa, Latin America and Asia. CIEP is headed by Managing Director Marcel van Poecke, an industry veteran and a seasoned investor in the energy sector.
Discover is an unlisted, geology-led oil and gas exploration company headquartered in London. The Company was founded by the same management team responsible for the successful creation of Cove Energy plc in 2009 and its eventual sale three years later for £1.2bn. Led by Executive Directors Michael Blaha, John Craven and Michael Nolan, the team has strong technical expertise in deep-water hydrocarbon plays, solid industry reputations and continuing relationships with major oil companies.
Discover’s strategy is to deliver value through participation in exploration and appraisal programmes focusing on deep-water petroleum systems. The Company concentrates on young and emerging basins, de-risked through 2D and 3D seismic surveys, and aims to participate in multi-well drilling programmes through farm-ins, farm-outs and M&A activity.
This investment will fund Discover Exploration’s near-term, high-impact drilling programme offshore New Zealand with operating partner Anadarko Petroleum Corporation (NYSE:APC), and will provide working capital for its stake in offshore the Comoros and to grow the business.
In addition, Discover will seek early value creation through participation at ground floor level in targeted areas, where large interests are available. The Company has solid industry relationships and works with reliable, well-financed and proven partners to build a balanced portfolio of exploration assets with both oil and gas potential.