Bring a pot of water to a boil over medium-high heat. Blanch the olives for about 30 seconds. Using a slotted spoon or spider, remove the olives to a medium bowl. Toss with the tangerine pieces and lemon zest.
In a small skillet, combine the olive oil, thyme, oregano, bay leaf, garlic and red pepper flakes. Warm gently over medium heat until small bubbles form around the herbs and garlic. Reduce the heat to medium low and simmer gently until the garlic is beginning to brown and the bubbles start to subside, about 7 minutes. Pour the hot oil over the olive mixture and toss well to coat.
Allow the olives to marinate at room temperature for 2 hours, or cover and refrigerate for up to 4 days; warm gently before serving.