1. In a medium stainless-steel saucepan, combine the wine, water, sugar, thyme, and lemon zest. Bring to a simmer over moderately high heat. Reduce the heat and simmer for 10 minutes.
2.Meanwhile, using a stainless-steel knife, peel the oranges down to the flesh, removing all of the white pith. Cut the oranges crosswise into 1/4-inch slices. Add the oranges to the simmering syrup. Remove from the heat and let sit 1 to 2 minutes. Gently pour the oranges and syrup into a glass or stainless-steel bowl. Let cool and then chill.