Oil spits when water (from food or from not properly drying the pan after washing it) is heated up to its boiling point and evaporates from the oil – bursting as a bubble which can also take some hot oil with it.
As oil can be heated to as high as 200 degrees Celsius, any water in the pan will reach its boiling point very easily. The cork may absorb the moisture, leaving a pan with just the boiling oil.
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