Sift the flour, baking powder, sugar and salt. Add the egg and milk, then mix everything up with enough water to form a thick batter with the consistency of wet dough.
Heat up your oil over medium heat, then as soon as it starts to get shimmery, turn the heat down low. Oil temp should be about 340°F Oil should be deep enough to submerge the pancake ball.
Fry tablespoonfuls in the oil for 3-5 minutes until they're dark golden brown. If your oil is too high, the panikeke will be uncooked on the inside. If your oil is too low you'll have greasy panikeke. So every couple of batches, break one open to make sure it's cooked through.