Step 1 Place the olive oil and butter in a deep skillet and heat over medium heat. Stir in the chopped fennel bulb and cook, stirring, until wilted, about 2 to 4 minutes. Add the orzo and stir to coat the pasta. Pour over the ouzo.
Step 2 As soon as the alcohol steams off, stir in the broth and garlic. Bring the mixture to a boil, then reduce the heat and stir until the orzo has absorbed almost all the liquid, 6 to 8 minutes. Stir in the eel, lemon juice and fennel. Stir for a minute, then remove from heat and cover.
Step 3Set the mixture aside for 5 to 7 minutes to absorb any excess liquid. Serve hot, with freshly ground pepper. This makes a scant 2 cups orzo.