Place the flour in a bowl and slowly add the water while stirring until it becomes a very liquid mixture (similar to pancake mix).
In a machine to make obleas (similar to a waffle maker except that it is flat) pour in the center of the hot plate one tablespoon of the mixture, then flatten it with the other hot plate.
Let it toast a bit, then remove the circle from the plate.
Do the same for the next circle, and so on until the mixture is finished.
You need two circles to make one oblea.
Combine the milk and the sugar in a large saucepan and let it simmer while constantly stirring with a wooden or heavy plastic spoon, (do not use metal as it will crystallize the milk) until you see the milk changing colour to a nice light brown. Its consistency should be thicker at that time. It needs to be stirred for about 3 to 5 hours. You have to be very patient because the stirring has to be constant so it won't stick to the pot.
Then let it cool down before tasting or spreading it on the oblea.
Making the oblea:
Place one circle on a plate and spread as much arequipe as you want over it. Place another circle on top. The oblea is now ready to be eaten.
The arequipe can also be served alone as a dessert. This is truly a delicious Colombian dessert.
In a hurry?
There is a faster way to make Obleas con arequipe.
For the dough, at the supermarket buy ready-made pieces of hosts. One can of condensed milk is required for the arequipe.
Place the unopened can of condensed milk at the bottom of large saucepan filled with water over the top of the can.
Let it boil rapidly, and then turn the heat down, so that it boils for about 2½ hours.
Make sure that the can is always covered with plenty of water.
After it has finished boiling, place the pot under running cold water. When the can is cold, open it and you will see that the milk has become thick and brown.