Heat the olive oil and 1 tablespoon of the reserved sun-dried tomato oil over medium heat in a 2 quart saucepan with a heavy bottom and tight fitting lid. When the oil is shimmery, add the onions and garlic. Cook them, stirring frequently, for 3 minutes, or until the onions begin to soften and the edges have lightly browned. Add the sun-dried tomatoes, tomato paste, water, red wine vinegar, dried thyme, salt, and pepper to the pan. Stir until everything is evenly combined. Bring to a boil, drop the heat as low as it can go, put the lid on the pan and let it simmer for 30 minutes, stirring from time to time. After 30 minutes, remove the lid and let the mixture simmer until most of the liquid has evaporated, stirring frequently. Remove from the heat, stir in the balsamic vinegar, and let the mixture cool for 30 minutes. Scrape the contents into a blender or food processor or use an immersion blender to pulse until you have a thick, spreadable paste that still has good texture. Transfer to a jar with a tight fitting lid, level the contents, and drizzle olive oil over the top before fitting the lid in place. Store in the refrigerator. For best flavour, use within 2 weeks. If you'd like to store it longer than that, freeze in ice cube trays until solid then transfer to a zipper top bag and keep frozen for up to 4 months.

For best taste, use within 1 month.