Since making its lows in late May and early June, Noble Corp (NYSE:NE) has returned 25% for investors who were willing to take the dive in light of the BP Oil Spill. However, this is only the beginning of the move upward; in order to return toward the company's true intrinsic value. For the next quarters, operating results will be significantly lower because of the inability to obtain permits in the Gulf of Mexico. Even though the company is geographically diversified around the world, the company's most profitable rigs are located in the Gulf of Mexico. When these rigs return to work, this will help the company's earnings trajectory and move the stock in a positive way. This may be a while from now, but for those who are willing to wait, the rewards will be immense. If you do not own Noble Corp (NE), it is still not to late to own a piece of this excellent enterprise who has able and honest management.