Activate Frenetic Efreet's ability an arbitrarily large amount of times by paying a total of 0.
Resolve the first Frenetic Efreet ability, flipping a coin and either sacrificing Frenetic Efreet or causing it to phase out.
If you win the flip, Chance Encounter triggers, putting a luck counter on it.
Resolve the next Frenetic Efreet ability, flipping a coin and not phasing out or sacrificing Frenetic Efreet due to it no longer being on the battlefield.