1. In an ovenproof 5 quart dutch oven over medium high, heat oil and cook roast on all sides until browned; remove and set aside. Spoon off fat.

2. In the same dutch oven, combine soups, 1 cup of water, thyme and bay leaf. Heat to boiling, stirring occasionally. Return roast to Dutch oven, cover and bake at 350 degrees for 45 minutes.

3. Turn roast. Add potatoes and carrots, cover and bake for 1 hour 45 minutes or until vegetables and roast are fork tender.

4. Transfer roast and vegetables to platter, remove string.

5. In a small bowl, stir together flour and remaing 1/4 cup water until smooth. In the dutch oven, over medium heat, bring soup mixture to a boil, gradually stir in flour mixture and cook until it thickens; stir constantly.

6. Remove bay leaf and serve gravy with the roast.