Pour the juice from the 4 large oranges into a punch bowl. Brush the small oranges under hot water. Cut into 1/2 cm thick slices and add to the juice. Bring sugar and water to the boil, allow to cool. Pour into the vessel with the juice of half a lemon and the red wine.
Cover and chill for approx. 2 hours.
If you like, you can add some sparkling wine just before serving.