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For the ragout: Preheat the oven to 300 degrees F. Saute the oxtails on all sides in a braising pan until rendered crispy, and then remove from the pan. Add the peppercorns, bay leaves, carrots, celery, onions and thyme and saute for 5 minutes, and then return the oxtails to the pan. Pour in the port and simmer for 5 minutes. Add the veal stock and return to a simmer.
Transfer the pan to the oven and cook, uncovered, until tender and the meat easily pulls off the bone, turning the oxtails every 30 minutes, about 2 hours total. Remove the oxtails from the liquid and cool to room temperature. Pick the meat from the bones. Meanwhile, simmer the braising liquid over high heat until it becomes a think sauce consistency, and then strain through a fine mesh sieve. Add the oxtail to the sauce and keep warm.