Heat the vegetable oil in a large wok or skillet over medium heat. Carefully scoop out the thick cream from the top of the un-shaken coconut milk and add it to the pan, cooking until it begins to bubble and separate from its oil, about 2 to 3 minutes.

Stir the Panang curry paste into the coconut cream. Cook for 2 to 3 minutes, stirring continuously, until the mixture is highly fragrant and the oils take on a rich, deep red color.

Add the sliced chicken to the skillet, tossing well to coat the meat in the fragrant curry mixture. Cook for about 4 to 5 minutes until the outside of the chicken turns opaque.

Pour in the remaining coconut milk, peanut butter, fish sauce, and palm sugar. Stir well to combine all the ingredients, then bring the mixture to a gentle simmer.

Toss in the sliced red bell pepper and half of the kaffir lime leaves. Reduce the heat to medium-low and let the curry simmer uncovered for 8 to 10 minutes, or until the chicken is cooked through and the sauce has thickened slightly.

Remove the pan from the heat and gently fold in the fresh Thai basil leaves. Taste the curry and adjust the seasoning if necessary, adding a splash more fish sauce for saltiness or sugar for sweetness.

Ladle the warm curry into bowls and garnish with the remaining shredded kaffir lime leaves and sliced red chilies. Serve immediately alongside a generous portion of freshly steamed jasmine rice.