Cut the lamb into bite-sized pieces. Heat 1Tbsp oil in a saucepan and cook the meat until it changes colour, then transfer to a plate and wipe out the pan.
Slice the onion, chop the garlic. Heat the reaming oil and soften the onion, then add the garlic and stir for about half a minute.
Set the temperature higher and pour in wine. Cook for 2-3 minutes until it is reduced by half, then put back the lamb pieces and add the tomatoes. Add the thyme sprigs and the pieces of orange peel.
Pour in enough water or broth to cover the lamb. Season with salt & pepper, and cook for about 1 hour at low temperature. Check occasionally and, If necessary, add more water during cooking.
When the sauce is getting thick and smooth, slice the peppers into thin strips and add these to the stew together with the olives. Cook for another 15 minutes, then turn off the heat. Discard the orange pieces and thyme stalks.
Serve warm.