Cut a hole about the size of an egg yolk in the centre of the slice of bread.
Heat the oil in a frying pan, add the bread and fry the bread and the cut-out round on both sides for 2-3 minutes, or until golden-brown.
Just before the bread is fully fried on the second side, crack the egg into the hole in the bread. Fry for 1-2 minutes, then carefully flip the toast and egg over and fry on the other side for one more minute, or until the egg is cooked to your liking.
Slide the toast onto a serving plate and serve with the toasted round on the side. Season to taste with salt and freshly ground black pepper and serve immediately.