Heat the olive oil over medium-high heat in a large pan. Season the lamb with paprika and salt, and pepper, to taste. Place the lamb in the pan and cook until brown on all sides, about 5 minutes. Add the garlic, thyme, and rosemary and cook for 1 minute more, turning the lamb over once or twice. Add 1 cup red wine and bring to a boil. Remove the pan from the heat and place in the oven and cook for about 7 minutes. Turn the lamb over and cook for another 7 minutes. Remove the lamb from the oven and place on a plate to let rest until ready to serve.
Strain the leftover liquid from the lamb pan into another medium pan. Add the remaining wine and honey and reduce over medium heat until thick, like maple syrup consistency. Set the sauce aside until ready to use.
To serve, cut the lamb into chops and serve with the reserved sauce. Garnish with fresh herbs, if using.