In a pot, place the flank steak, water, salt and pepper. Cook over medium heat for about 1 hour and 15 minutes or until the meat is cooked.
Measure 1 cup of the liquid used to cook the meat. Set aside.
Remove the beef from the pot, let it cool and shred with a fork or your hands.
In a saucepan, place the shredded beef, hogao, tomato paste and 1 cup of beef liquid. Cook for 6 to 8 minutes, stirring occasionally.
Serve hot over white rice or arepa.