Preheat frying oil to 350 degrees. In a small mixing bowl, combine eggs and milk and whisk until blended. Add seasonings to the flour and blend well. Place seasoned flour in an open, shallow vessel for breading. Place panko breadcrumbs in third vessel. Drain oysters and place in seasoned flour. Dust them until evenly coated. Dredge through the egg and milk wash, coating well. Place immediately into the panko breadcrumbs and coat well. Deep-fry breaded oysters for 1-2 minutes, or until golden brown.

Drain fried oysters on paper towels. Transfer them to a medium-size mixing bowl. Coat evenly by tossing with sweet red chili sauce and a dash of Sriracha. Pour onto a platter and toothpick each oyster.