Try this basic sample and let me know if works for you:
Code:
Option Explicit
Dim intY As Integer
Dim intX As Integer
Private Sub Picture1_MouseDown(Button As Integer, Shift As Integer, X As Single, Y As Single)
intX = X
intY = Y
Picture1.Drag vbBeginDrag
End Sub
Private Sub Form_DragDrop(Source As Control, X As Single, Y As Single)
Source.Move X - intX, Y - intY
Source.Drag vbEndDrag
End Sub