Abstract We evaluated the unconventional hydrocarbon potential of the Holywell Shale Formation, a lateral equivalent of the Bowland Shale Formation deposited in the Blacon Basin. Two cores with Arnsbergian–Chokierian and Kinderscoutian (Namurian, Late Mississippian–Early Pennsylvanian) ages from the Ellesmere Port 1 borehole were sampled for palynological, stable isotope, Rock-Eval 6 pyrolysis and ichnofacies analyses. The study was designed to provide boundary conditions for parameters that are under-represented in the public domain and hamper accurate resource assessments: thermal maturity (through mean random vitrinite reflectance, R r ), present-day organic matter content, kerogen type, original hydrogen index and original organic matter content. Our results show that the Arnsbergian Core 2 has been buried to a depth equivalent to the bottom of the oil window to the top of the gas window (% R r = 1.15%–1.29%). The Kinderscoutian Core 1 is too immature to have generated any natural gas (% R r = 0.91–1.03%). Furthermore, kerogen typing and ichnofacies analysis show that the Bowland Shale Formation is very heterogeneous, with organic matter originating from terrestrial and marine sources. Five palynofacies assemblages are described that range in basin setting from proximal and oxic to distal and anoxic with evidence of episodic connections to the open ocean. The combination of heterogeneity and low thermal maturity restricts the thickness of the Bowland Shale Formation in the Blacon Basin that is prospective for unconventional hydrocarbons. Our results show that these Carboniferous mudstones should not be treated as uniform units with uniform composition and maturity in basin modelling and resource estimates. This undoubtedly has repercussions for future exploration because the contrasting composition and density of the materials making up the Bowland Shale Formation may complicate extraction, while the thermal maturity window significantly narrows the prospective interval.