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Warm oil in a heavy bottomed pot over high heat until very hot.
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Pat beef dry and sprinkle with the salt and pepper.
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Add beef to the pot in batches and brown well all over. Transfer to a plate. Repeat with remaining beef.
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Lower heat to medium. If the pot looks dry, add a touch more oil.
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Stir in the onion, carrots, and celery; saute for 5 minutes until vegetables have softened. Add garlic and cook for 30-60 seconds until fragrant.
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Add flour, and stir for 1 minute to cook off.
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Slowly pour in the beef broth and whisk to combine until the flour dissolves.
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Add in the water, Worcestershire, beef bouillon cubes, and tomato paste; mix well.
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Toss in the bay leaves and thyme.
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Return beef to the pot (including any juices). Liquid level should just cover.
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Bring to simmer, then adjust heat to low / medium-low so it’s a gentle simmer. Cover with lid, cook for 2 hours until the beef is tender.
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Add in the potatoes; simmer for another 20-25 minutes (without the lid) until the potatoes and beef are very tender, the sauce has reduced and thickened slightly.
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During the last 5 minutes add in the peas.
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Skim off fat on surface, if desired. Discard bay leaves and thyme.
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Adjust salt and pepper, to taste.
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Ladle into bowls, sprinkle with some fresh chopped parsley and enjoy with crusty bread or popovers, if desired.