Peel and de-vein the shrimp and set aside.

Pour vegetable oil into a frying pan so that it is 1-2 inches deep. Heat over medium high heat until the oil reaches 350 degrees.

In a medium bowl whisk together the egg, cold water, flour, salt, and pepper. The batter should be mixed but can still have a few lumps in it as you don’t want to over mix.

Place the ice cubes in the batter and refrigerate until ready to use and in between frying.

Hold the shrimp by the tail and dunk it into the tempura batter. Allow the excess batter to pour off the shrimp then quickly put the shrimp into the pan of hot oil.

Cook the shrimp in batches of 6-8 at a time, making sure they have room in the pan to move. Cook for 2-3 minutes per side or until golden. Remove from pan and place on paper towel lined plate.

Meanwhile, place the water, soy sauce, rice vinegar, and oyster sauce in a pan over medium high heat and boil for 2-3 minutes.

Serve the shrimp with the sauce.