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Pre heat your oven to 175ºC (350ºF) and grease a 6 hole silicone or metal bundt pan. Make sure it is greased very well and then sprinkle with flour in order for it to come out of the pan without breaking.
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Melt the butter with oil and water over low heat in a saucepan.
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Sift flour, sugar, cocoa powder , baking soda and pinch of salt in a large bowl.
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Add the melted butter mixture and beat at low speed until smooth.
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Add the egg and mix until incorporated. Do not mix for long.
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Add buttermilk and vanilla essence and beat until smooth.
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Pour the batter into bundt tins, The mixture should be 3/4 way up . If there is more in the tin then they will rise too high.
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Bake for 25 minutes or until a skewer comes out clean.
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Allow to cool slightly before turning out onto wire rack.
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Dust with icing sugar.
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VARIATIONS : Serve with Cherry Preserve, or top with Chocolate Ganache