Use a glass, knife, or cookie cutter to cut a hole in the center of your slice of bread - 2.5-3 inches across. Set bread slice and cutting aside.
Heat a nonstick skillet or cast iron pan over medium heat (on a stove), or indirect heat over a camp fire. Add the butter, allow to melt.
If you want to season the butter, do so as it’s melting. I like to use a bit of smoked paprika.
Place bread slice and cutout in the pan, allow to cook for a minute or so on each side, just enough to lightly toast it. (It’ll continue to cook in the next step!).
Carefully crack the egg, dropping it into the center hole in the bread. Season the egg with salt, pepper, and anything else you want.
Allow the egg to cook for a couple of minutes, until the bottom has firmed up a bit and solidified.
Flip the whole slice - egg and all - over, allow to cook for another 20-30 seconds, to cook the remaining egg white.
Sprinkle with finely chopped fresh herbs if you like. Serve immediately, with the toasted cut-out as a dipper.