Drop & drag

See if this works.

Dim OldX As Single
Dim OldY As Single

Private Sub Picture1_MouseDown(Button As Integer, Shift As Integer, X As Single, Y As Single)
    If Button = 1 Then
        OldX = X
        OldY = Y
    End If
End Sub

Private Sub Picture1_MouseMove(Button As Integer, Shift As Integer, X As Single, Y As Single)
    If Button = 1 Then Picture1.Move Picture1.Left + (X - OldX), Picture1.Top + (Y - OldY)
End Sub