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Grease and line the base of a 16cm x 26cm slice pan. Place the butter and condensed milk in a medium saucepan. Place over medium-low heat and cook, stirring occasionally, until the mixture is combined.
Meanwhile, place the biscuits in a plastic bag. Use a rolling pin to crush the biscuits until there is a combination of fine and chunky crumbs. Add the cocoa powder and coconut and shake the bag to combine.
Add the biscuit mixture to the condensed milk mixture. Stir well to combine. Transfer to the prepared pan. Use an offset spatula to press firmly and evenly. Place in the fridge.
For the icing, place the milk chocolate and oil in a heatproof bowl set over a saucepan of simmering water (don’t let the bowl touch the water). Cook, stirring occasionally, until the mixture is smooth. Drizzle over the slice and smooth the surface. Place the slice in the refrigerator for 3 hours or until set.