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Preheat oven to 350 degrees.
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In a medium bowl, combine flour and salt. Add water and stir until mixed through, making sure there are no lumps; let stand 5 minutes; dough will thicken.
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Divide dough into 8 pieces. Roll each piece in the palm of your hand and flatten into round patties, about 4 inches in diameter and 1/2 inch thick.
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Heat a cast iron skillet on medium heat and lightly oil. Cook arepas until lightly browned on one side, about 3 minutes; turn over and lightly brown other side, about 2-3 minutes. Transfer cast iron skillet from stove to oven (if you're using a skillet that's not oven-safe, place arepas on lightly greased baking tray). Bake for 20-25 minutes. Remove; let cool slightly. Arepas should have a nice crust and sound hollow when thumped gently with your fingertip.
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Crisp pancetta by placing pieces in cast iron skillet and cooking until browned and crispy.
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Slice arepas in half to create a pocket, making sure not to cut all the way through, and stuff with desired fillings.