Add water to a small saucepan, filling two-thirds full. Bring to a boil; reduce heat, and simmer. Add oysters, and cook 1 minute or until edges of oysters curl. Drain. Place the oysters in a small bowl; sprinkle with hot sauce.
Combine egg substitute, milk, salt, and black pepper in a medium bowl; stir well with a whisk.
Heat oil in a large nonstick skillet over medium heat. Add the corn, onion, bell peppers, 2 tablespoons fennel, and jalapeño; cook for 3 minutes, stirring frequently. Add oysters, and sauté 1 minute. Add egg mixture; cook 4 minutes or until almost set.
Combine 2 tablespoons fennel and cheese. Wrap handle of skillet with foil; broil 1 minute. Top with cheese mixture; broil for 1 minute or until cheese melts. Serve warm.