Heat the olive oil in a medium (10-inch) saute pan, add the pancetta and shallot, and cook over medium heat for 5 to 7 minutes, stirring occasionally, until the pancetta is browned and the shallot is tender. Add the frozen peas, 1 teaspoon salt, and 1/4 teaspoon pepper and cook over medium-low heat for 4 to 5 minutes, until the peas are hot. Stir in the mint, taste for seasonings, and serve hot.