Toast the fennel seeds in a small skillet over medium heat for about 2 minutes, shaking the pan frequently, until the first wisps of smoke appear and they smell fragrant.

Cool the seeds slightly, then transfer them to a zipper-lock bag and crush them coarsely with a meat pounder or the bottom of a heavy pan.

Add the peppercorns to the bag with the fennel and crush them until they are cracked but still maintain a coarse texture.

Combine the crushed fennel, peppercorns, and thyme in a shallow dish.

Roll the goat cheese log in the spice mixture until it is thoroughly coated, pressing gently to make sure the herbs adhere to the surface.

Transfer the cheese to a serving plate, sprinkle with any remaining spices, and drizzle with olive oil just before serving.