Prepare a baking sheet by lining it with wax paper and set it aside.

In a medium bowl, mix together cream cheese, cheddar cheese, and bacon until well combined. Shape the mixture into bite-sized balls and arrange them on the lined baking sheet. Chill in the refrigerator for 10 minutes or until firm.

In a separate medium bowl, beat together the egg and soda water. Slowly incorporate the flour, cornflour, and salt into the mixture, whisking until smooth. In a shallow dish, mix panko crumbs with parsley. Dip each cheese ball into the egg batter, then roll in the panko mixture, ensuring an even coating. Repeat the dipping and coating process for each ball. Place the coated cheese balls back on the baking sheet and freeze for 15 minutes or until solid.

In a large saucepan, heat around 5 centimeters of vegetable oil to 185°C. Fry the cheese balls in small batches for approximately 2 minutes, or until they turn golden and crispy, turning them occasionally. Use a slotted spoon to remove the cheese balls and drain them on a plate lined with paper towels.

Place the cheese balls on a serving platter. Optionally, sprinkle with extra parsley for garnish. Serve while warm.