The 663m is not 2P according to their web site it includes condensate. It also states in their interim report that their oil carries a 26% discount to Brent and they only achieved an average price of $40 per barrel in Q1 2015 presumably running at a loss.
Market cap minus cash reserves is around $3.72B. 2P reserves are 663M. That's around £3.50. Fudge factor to take into account Dragon are producing, have a dividend, no debt, low opex, gas reserves, 3P resources and exploration assets, and so on.
No, it was mainly the drop in the oil price projection to $75 that dropped their target rice. The details are in their report. That's why it's too conservative, with the likes of RDS projecting $90 by then.
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