I would think “cost effectively” is the key term here. Conversion of natural gas to gasoline in a pilot plant is one thing, conversion on a commerical scale to make it worthwhile is a different matter.
The crux of their whole proposal is the break-even point in cost comparison to gas refined from oil, and the whole future of the company depends on assumptions on future oil prices; they have to hope that increased tight oil production won't simply drop the cost of crude so much that it doesn't make sense to make gasoline from natural gas.
I definitely wouldn't invest in these guys unless it was play money. All their technology could be brilliant and work perfectly, but their business model could be destroyed by a massive crude price collapse to $50 a barrel or something. And they have no control over that.
Cost effective in the US. Under our price and regulation conditions. Shell, Sasol and I think some others already have commercial scale Gas-To-Liquid plants in other countries. Both have been looking to bring it to the US, if it can be done economically.
Example:
About Shell > Our strategy > Our major projects > Pearl GTL
http://www.shell.com/global/aboutshell/our-strategy/major-projects-2/pearl.html