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Preheat oven to 350°F. In a large ovenproof skillet, heat oil over medium-high heat. Cook potatoes in hot oil for 7 minutes. Stir in onion; cook about 3 minutes more or until some of the potatoes are lightly browned. Stir in soup. Add sour cream, ham, cheese and pepper, stirring until well mixed. Spoon into a 3-quart baking dish.
In a medium bowl, stir together cornflakes and melted butter (or margarine); sprinkle over potato mixture. Bake, uncovered, for 45 to 50 minutes or until hot and bubbly.