Heat the oil in a large skillet over medium-high heat, and sear the chops, in batches if necessary, while spooning oil from the pan over the bone to baste until each side is deep golden brown. Using a pair of tongs, lift the chops to sear the sides, about 5 minutes total. Transfer the chops to the rimmed baking sheet in the oven and bake until an instant-read thermometer inserted in the center registers 135°F, about 7 minutes.
Meanwhile, stir the heavy cream into the sauce and bring to a low simmer, stirring occasionally until thickened, about 7 minutes. Fold the chopped watercress and tarragon into the potatoes.
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