Cut a hole out of the centre of the slice of bread using a biscuit cutter, knife or glass.
Heat a fry pan over medium heat. Add the slice of bread, then place the butter in the hole, spreading it to cover the hole and around the sides.
Crack the egg into the hole. Cook until you can see the egg is set on bottom; about 2 minutes. Flip onto the other side to finish cooking to your desired doneness, about 1 minute for a medium to hard yolk, less for a runny yolk. Serve.
Make on the BBQ:
To cook on a BBQ hotplate, bring the hotplate to medium temperature and rub down with oil before continuing with the recipe.