Heat the oil in a frypan and brown the meat in batches. Set aside. Saute the onions and carrots in the same frypan. Return the meat to the frypan and stir in the flour.
Place in a casserole dish and stir in the tomato paste, thyme, garlic, bay leaf and salt. Pour in the red wine and add water as necessary to cover the meat. Cover with baking paper and put on the lid. Bake 4 hours, checking every now and then there is enough liquid.