To begin, grind the oats in a blender or food processor in batches until they reach a coarse flour-like consistency. Transfer the ground oats to a large bowl and mix well with the other dry ingredients.
Create a well in the centre of the dry ingredients, then add the molasses, honey, and oil. Mix the ingredients thoroughly with either a large spoon or your hands.
If the dough appears crumbly, gradually add water 1/4 cup at a time until a stiff dough is formed. The dough should be slightly sticky and easy to shape into balls.
Preheat the oven to 250 degrees Fahrenheit. Using teaspoon-sized amounts of dough, form small balls and place them onto a cookie sheet lined with parchment paper.
Flatten the balls with a small jar or the palm of your hand until they form uniform 1 1/2-inch wafers that are about 1/4 inch thick in the centre.
Arrange the wafers on the cookie sheet, leaving about 1/2 inch of space between each one. Repeat this process until two sheets are filled.
Bake the treats for 45 minutes, rotating the sheets halfway through baking (switching the top and bottom trays and turning front to back).
After 45 minutes, lower the oven temperature to 225 degrees Fahrenheit, and bake the treats for an additional 45 minutes to allow the oven temperature to adjust naturally.
Rotate the baking sheets again and bake for 30-45 minutes. To check for doneness, remove one wafer from the baking sheet and let it cool for a few minutes.
A well-baked treat should be firm and break crisply when pressed with a fingernail. If the treat appears soft or moist, bake it for a longer time until it is almost completely firm.
For extra crispness, allow the treats to cool on the baking sheets inside the oven with the door closed until they reach room temperature. Once cooled, store the treats in an airtight container and share them with your horse. Your canine companions may also enjoy them.