Studying flapping airfoils' aerodynamics is essential to examine several engineering problems such as rotor blade design and bioinspired solutions for flight. However, the study of oscillating airfoils is a complex topic governed by several parameters that create a massive domain space, requiring considerable computational resources. Therefore it is necessary to develop and use Reduced Order Models (ROMs) which can still provide good results while maintaining the computational burden low. With this objective in mind, the present work uses a panel code to study the aerodynamics of an oscillating airfoil. Its geometry is based on an innovative geometry which is a modified version of the traditional NACA0012 airfoil. We call it the NACA0012-IK30 airfoil, and its main feature is the capability of dynamically deflecting the leading-edge part independently from the rest of the airfoil body. The panel code is implemented in MATLAB and is based on the Hess-Smith Panel Method (HSPM). Additionally, to verify the panel code efficacy, we compare its results with some conditions simulated using high-fidelity CFD computations. Results present a comparison between the panel code and CFD computations of the propulsive power and required power coefficients. While the propulsive power is overestimated by the panel method, the required power which is linked to lift production, is not. In fact, the panel code offers a good approximation of CFD data, despite massive flow separation that is not captured by the potential flow. The pressure distribution on the airfoil is also used to compare the efficacy of the panel code, which ignoring the commonly known artifacts of potential flow, can capture some of the pressure distribution features. More research should be conducted to further improve the panel code by modifying it or adding some features that emulate flow separation. Such an approach will offer a great starting point for flapping wings while maintaining the computation effort at a low level.