Without going into much details (including presize position addjustments) here is the general idea:
Code:
Option Explicit
Private Sub Image1_MouseDown(Button As Integer, Shift As Integer, X As Single, Y As Single)
Image1.Drag vbBeginDrag
End Sub
Private Sub Form_DragDrop(Source As Control, X As Single, Y As Single)
Image1.Drag vbEndDrag
Set Image1.Container = Me '<<<--- this is the main key
Image1.Move X, Y
End Sub