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Pat the lamb shanks dry and sprinkle with salt and pepper.
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Heat the olive oil in a fry pan over a medium heat. Sear the lamb shanks until they are brown all over, or for about 5 minutes.
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Add the onion, carrot, garlic, red wine, diced tomatoes, tomato paste, chicken stock, thyme and bay leaves to the slow cooker and stir to combine. Place the lamb shanks in the mixture making sure they are covered by the sauce, and pour the remaining oil from the fry pan over the top.
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Cook on low for 8 hours, or until the lamb shanks are cooked through and falling apart.
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Set the lamb shanks aside and pour the sauce into a large frypan. Simmer over a medium heat until the sauce has thickened and reduced down, about 7-10 minutes. Ensure you continue to stir to avoid sticking.
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Serve in a bowl with the lamb shanks submerged in the sauce and sitting on top of the onions and carrots. Sprinkle with fresh parsley. This dish goes well with a fresh salad or steamed vegetables.