Heat the sugar, honey and water in a pot and cook for 2-3 minutes at a rolling boil. Add the orange zest.
Boil the cream in a large pot. Pour in the caramel and cook while stirring, until the mixture becomes thick and brown. This takes about 15 minutes.
Test the mixture by dripping a small amount onto a cool plate or marble board. If the drops set quickly, it's done. Stir in the butter and mix well.
Line a 20x30 cm (approximately 8x11 inch) rectangular pan with aluminum foil, and grease with oil. Pour the caramel into the pan and let cool. Remove from the pan onto a large board, and remove the foil. Cut into squares with an oiled knife, and allow to cool completely.