1. Add just the coconut cream (ideally in a wok) from the coconut milk and simmer over medium heat about 5 minutes until it turns to coconut oil.  I learned in my Thai cooking class that the reason this is important is that the curry paste will become more fragrant and flavorful at higher temperatures.

   
   Note: if the coconut cream isn't separated from the coconut milk when you open the can, it's OK to just use coconut oil here.
   

2. Add Panang curry paste, turn down heat, mix thoroughly and simmer a few more minutes, stirring frequently to prevent sticking and burning. Add more coconut milk if it gets too dry.

For the traditional version of a Panang curry:

1. Add chicken or other meat, stir and simmer. Add the rest of the coconut milk and continue simmering until meat is cooked through.
2. Season to taste with fish sauce and coconut sugar.  Continue to cook until the sauce thickens a bit.

For a Panang curry SOUP:

1. Add chicken or other meat, stir and simmer. Add the rest of the coconut milk and the chicken broth and continue simmering until meat is cooked through.  Add as much or as little broth as you desire.  Start with a 1/2 cup and continue adding a 1/2 cup at a time, stirring, tasting and adding in more broth to your desired taste.  The more broth you add the more you're diluting the flavor of the curry paste. That's OK if you want a less intense flavor from the paste itself.
2. Season to taste with fish sauce and coconut sugar.  Continue to cook to your desired consistency, longer for a thicker, creamier soup, shorter for a brothier soup.

For both versions:

1. Top with Thai basil leaves, thinly sliced kaffir lime leaves and julienned serrano red chilies.