Heat medium sized sauce pan over low heat, add water and sugar and stir until sugar is completely dissolved.
Add orange slices to the pan and place piece of parchment paper on top of orange slices. Place cover on the pot and simmer for 8-10 minutes under low heat. When orange slices become soft, turn off heat and set aside to cool.
Add ¼ oz of orange syrup and 4 oz of bubbly to a cocktail glass or champagne flute.
Add slice of candied orange and serve.