So.... 15Wh/1.3h = 11.5W average.
Or, assuming the batteries are delivering 8V at that 1.34A reading, 11W; close enough.
If we figure 80% efficiency, that's about 2.8A to the emitter, for 900 lumens or so, which fits with 700 OTF. If it's not getting real hot at that level, I think it might be...