In a small sauce pot combine the olive oil, the fresh herbs, the lemon peel and the peppercorns. Crush your dried hot pepper so that some of the seeds are exposed and add the hot pepper and seeds to the olive oil mixture as well.
Heat over medium heat until the oil starts to sizzle. Remove from the heat and pour all of the contents of your pot into a glass measuring cup or a bowl to cool.
Meanwhile, cut your feta into cubes, approximately the size of playing dice.
Choose a jar which is large enough to hold all of the feta and the olive oil and herb mixture.
Once the olive oil has cooled, add half your cubed feta to the jar and add in the herbs, peppercorns, lemon peel and hot pepper. Add the rest of the feta and then pour in the olive oil. Your feta should all be covered by oil. If it is not, simply top up your jar with some extra olive oil.
Cover your jar or bowl well and place in the refrigerator. Your marinated feta is best either a few hours later, or the next day.