Preheat the oven to 450 degrees F.
Brush a heavy, large roasting pan with olive oil. Place the shank pieces in the prepared pan. Scatter the carrots
around the shanks. Roast
until the meat is brown, about 25 minutes.
Transfer the meat and vegetables to a heavy, large saucepan
. Place the roasting pan over medium heat. Add the red wine and stir 1 minute, scraping up any browned bits, and then add to the meat and vegetables. Add the beef broth, 4 cups water and thyme sprigs. Bring to a boil, reduce the heat to medium and simmer until the liquid is reduced to 2 cups, about 3 hours.
the broth. Chill uncovered until cool, then cover and keep chilled.