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Season both sides of fish with sea salt and set aside.
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Heat large skillet over medium-high heat. Once hot, add 2 tablespoons olive oil.
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Lay fish in pan and cook 2-3 minutes, then flip and cook an additional 30-45 seconds before removing fish from pan.
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Discard most oil in skillet, turn heat to medium-low, and add a tablespoon of fresh olive oil.
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Add shallots to pan and sauté 1 minute, then add garlic and sauté 1 minute. (Note: Be careful not to burn garlic.)
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Add coconut milk, chili flakes, 3-4 Thai basil leaves, pinch of salt, cracked pepper and juice of 1/2 lime.
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Bring sauce to boil, then reduce heat to medium-low and cook 2-3 minutes until thickened.
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To serve, add coconut sauce to plate and place fish on top. Garnish with sliced serrano peppers, Thai basil leaves and lime wedge.