Westbridge Energy : MD&A - English

WESTBRIDGE ENERGY CORPORATION

Management's Discussion and Analysis

Nine Months Ended September 30, 2020

Form 51-102F1

MANAGEMENT'S DISCUSSION & ANALYSIS

WESTBRIDGE ENERGY CORPORATION

Date

The effective date of this MD&A is November 30, 2020.

Introduction

The following management's discussion and analysis ("MD&A") of the financial condition and results of the operations of Westbridge Energy Corporation (the "Company") constitutes management's review of the factors that affected the Company's financial and operating performance for the nine months ended September 30, 2020. This MD&A was written to comply with the requirements of National Instrument 51- 102 Continuous Disclosure Obligations.

This discussion should be read in conjunction with the audited consolidated financial statements of the Company for the year ended December 31, 2019, as well as the unaudited condensed interim consolidated financial statements for the nine months ended September 30, 2020, together with the notes thereto. Results are reported in Canadian dollars, unless otherwise noted. In the opinion of management, all adjustments (which consist only of normal recurring adjustments) considered necessary for a fair presentation have been included.

The results for the interim periods presented are not necessarily indicative of the results that may be expected for any future period. Information contained herein is presented as at this date, unless otherwise indicated.

As of January 1, 2010, the Company adopted International Financial Reporting Standards ("IFRS"). The condensed consolidated unaudited interim financial statements for the nine months ended September 30, 2020, have been prepared in accordance with International Accounting Standard 34, Interim Financial Reporting ("IAS 34"), and using accounting policies consistent with IFRS. Readers of this MD&A should refer to "Change in Accounting Policies" below for a discussion of IFRS and its effect on the Company's financial presentation.

For the purposes of preparing this MD&A, management, in conjunction with the Board of Directors, considers the materiality of information. Information is considered material if: (i) such information results in, or would reasonably be expected to result in, a significant change in the market price or value of the Company common shares; or (ii) there is a substantial likelihood that a reasonable investor would consider it important in making an investment decision; or (iii) if it would significantly alter the total mix of information available to investors.

Additional information about Westbridge is available at www.Sedar.com.

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Description of the Business

Westbridge Energy Corporation (the "Company") is incorporated under the laws of British Columbia and its principal business activity is the acquisition and development of oil and gas properties. The Company was incorporated on February 9, 1956.

On April 9, 2019, the Company's common share listing was transferred to NEX, a separate board of the TSX Venture Exchange ("TSX.V"), for failing to meet all of the Tier 2 Maintenance Requirements ("TMR"). NEX is a separate board of the TSX.V for companies previously listed on the TSX.V or the Toronto Stock Exchange which have failed to maintain compliance with on-going financial listing standards of those markets. NEX has been designed to provide a forum for the trading of publicly listed companies without business revenues while they seek and undertake transactions in furtherance of a qualifying business acquisition and their reactivation on the TSX.V or the Toronto Stock Exchange.

The address of the Company's corporate office and principal place of business is Suite 615 - 800 West Pender Street, Vancouver, British Columbia, V6C 2V6. Westbridge Energy Corporation is a junior oil and natural gas exploration and production company. However, at this time, it has no active projects.

Financing Activity During the Nine Months Ended September 30, 2020

In June 2020, the Company closed a non-brokered private placement offering (the "Offering") and issued 5,000,000 common shares at $0.05 per share for gross proceeds of $250,000. The shares issued in the Offering were subject a hold period that expired October 10, 2020. No finder's fees were paid in the Offering.

Results of Operations

Summary of Quarterly results

	Q3	Q2	Q1	Q4	Q3	Q2	Q1	Q4
	2020	2020	2020	2019	2019	2019	2019	2018
General and Admin Expenses	$ 19,590	$ 18,302	$ 10,414	$ 16,278	$ 15,246	$ 20,789	$ 15,467	$ 35,158
Income (loss) before other items	(19,590)	(18,302)	(10,414)	(16,278)	(15,246)	(20,789)	(15,467)	(35,158)
Other Items	-	148,725	418	11,206	-	-	539	(258,186)
Currency translation adjustment	-	-	-	-	-	-	-	-
Comprehensive loss for the period	(19,590)	130,423	(9,996)	(5,072)	(15,246)	(20,789)	(14,928)	(293,344)
Basic income (loss) per share	0.00	0.01	0.00	0.00	0.00	0.00	0.00	0.05

* See the financial statements regarding these items.

Results of Operations for the Three Months Ended September 30, 2020

During the three months ended September 30, 2020, the Company incurred a net loss of $19,590 (2019 - net loss of $15,246) comprised entirely of General and Administrative expenses ("G&A") in both periods. The increase was mainly due to higher professional fees due to legal fees incurred related to an effort to recover all or part of the US$200,000 performance bond related to one of the Namibian exploration licenses previously held by the Company.

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Cash used by operating activities during the nine months ended September 30, 2020 was $184,654 (2019

• $58.820). The increase was mainly due to a decrease of $132,654 (2019 - $1,702) in accounts payable and accrued liabilities

Cash provided by financing activities during the nine months ended September 30, 2020 was $248,100 which was the net proceeds of the private placement financing that was completed in June 2020. Cash provided by financing activities during the same period of 2019 was $65,000 which was received upon the exercise of share purchase warrants.

Liquidity and Capital Resources

At September 30, 2020, the Company had cash on hand of $71,965 (December 31, 2019 - $8,519) and a working capital deficiency of $280,197 (December 31, 2019 - $611,823). The Company will need to be recapitalized in order to continue as a going concern.

Commitments

Other than the commitments discussed in the exploration and evaluation section and the related party section, the Company has no commitments.

Off-Balance Sheet Transactions

The Company does not have any off-balance sheet transactions.

Related Party Transactions for the Nine Months Ended September 30, 2020

1. The Company paid or accrued administration fees of $22,500 (2019 - $22,500) to New Dawn Holdings Ltd. ("New Dawn"), a private company controlled by Paul Larkin, a Director of the Company. The fees are for the day to day financial administration and office rent for the Company;
2. The Company settled $129,625 payable to New Dawn by paying $80,000 cash; and
3. The Company settled $149,050 payable to the Darren Collins, CFO and Director of the Company by paying $50,000 cash.

Amounts due to related parties are non-interest bearing, unsecured and have no specific terms of repayment. Related party transactions are in the normal course of operations, occurring on terms and conditions that are similar to those of transactions with unrelated parties and, therefore, are measured at the exchange amount.

Proposed Transaction

There are currently no proposed transactions, except as otherwise disclosed in this MD&A. Confidentiality agreements may be entered into from time to time with independent entities to allow for discussions of the potential acquisition and or development of certain properties.

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Financial Instruments

The Company's financial assets consist of cash, which is designated as held for trading and measured at fair value; and amounts receivable which are designated as loans and receivables and measured at amortized cost. The Company's financial liabilities consist of accounts payable and accrued liabilities which are designated as other financial liabilities and measured at amortized cost. The fair values of these financial instruments approximate their carrying values due to their short-term nature.

Outstanding Share Data

The following table summarizes the outstanding share capital as at November 30, 2020, the effective date of this MD&A:

Common shares - issued and outstanding

13,359,293

Recent Accounting Pronouncements and Judgements

The Company makes estimates and assumptions about the future that affect the reported amounts of assets and liabilities. Estimates and judgments are continually evaluated based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the future, actual experience may differ from these estimates and assumptions. The effect of a change in an accounting estimate is recognized prospectively by including it in comprehensive income in the period of the change, if the change affects that period only, or in the period of the change and future periods, if the change affects both.

Information about critical judgments in applying accounting policies that have the most significant risk of causing material adjustment to the carrying amounts of assets and liabilities recognized in the condensed interim financial statements within the next financial year are discussed below:

1. Decommissioning Provisions

Asset retirement obligation provisions have been created based on the Company's internal estimates. Assumptions, based on the current economic environment, have been made which management believes are a reasonable basis upon which to estimate the future liability. These estimates take into account any material changes to the assumptions that occur when reviewed regularly by management. Estimates are reviewed annually and are based on current regulatory requirements. Significant changes in estimates of contamination, restoration standards and techniques will result in changes to provisions from period to period. Actual rehabilitation costs will ultimately depend on future market prices for the rehabilitation costs which will reflect the market conditions at the time of the rehabilitation costs are actually incurred. The final cost of the currently recognized rehabilitation provisions may be higher or lower than currently estimated.

1. Exploration and Evaluation Expenditures

The application of the Company's accounting policy for exploration and evaluation expenditure requires judgment in determining whether it is likely that future economic benefits will flow to the Company, which may be based on assumptions about future events or circumstances. Estimates and assumptions made may change if new information becomes available. If, after expenditure is capitalized, information becomes available suggesting that the recovery of expenditure is unlikely, the amount capitalized is

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