In a large mixing bowl, pour ¾ cup boiling water over rolled oats. Add the butter as well and stir. Let the mixture cool, stirring occasionally. This will help soften the oats and may take over half an hour.
In another bowl, add yeast and honey to lukewarm milk and set aside for 10 minutes to let the yeast bloom.
Once the oats have cooled down, or are warm to the touch, add the yeast mixture, molasses, as well as all other dry ingredients. Add water only if needed. Turn the contents of the bowl onto a clean counter and knead gently to obtain a smooth ball of dough. The dough will be slightly sticky due to the molasses.
Place the dough in a well oiled bowl and move the dough around a bit so that it gets oiled as well. Cover the bowl with a damp cloth or with a cling wrap and keep it in a warm place. Allow it to double in size (usually takes an hour).
Once the dough has doubled, gently punch it to release all the gases and knead it for a minute.
Roll out the dough in the shape of a rectangle and then fold it tightly like a log. Seal the ends well. Place the log in a well oiled bread tin /mould. Apply a little milk on top so that it doesn't dry out. Cover and allow the dough to double in size (ideally around 35-45 minutes).
In the last 10 minutes of the waiting time, preheat your oven to 180 degrees Celsius. You can again gently apply a milk wash to the loaf and sprinkle some rolled oats on top. Bake for 40- 45 minutes till the crust turns golden in colour. If the top of the loaf starts to brown too much, just cover it with aluminium foil.
Remove the bread from the oven and apply butter on top. After 4-5 minutes take it out of the tin and allow to cool on a wire rack for 2-3 hours before slicing it.