Step 1In an 8-quart pot, combine 4 quarts water, the salt, oil and bay leaf. Place the peppercorns in a sachet or tea ball and add to the pot. Cover and bring to a boil.
Step 2Add the potatoes and lobster, cover and boil for 8 minutes.
Step 3Check the potatoes to make sure they are tender. Strain and keep warm. 4. Continue to cook the lobster just until the meat is opaque and firm, 1 to 2 minutes more (to check for doneness, pull apart the tail slightly and crack the claws). Don't overcook the lobster or the meat will be tough and rubbery. Drain the pot, reserving the lobster. Cut open the tail, remove the meat and slice it crosswise into six medallions. Place the slices back in the tail.
Step 4Arrange the lobster and potatoes on a serving dish. Using a small sieve, evenly sprinkle the pimenton over the lobster and potatoes. Sprinkle with a little coarse sea salt, drizzle with olive oil and serve.