Option Explicit
Dim downX, downY As Integer
Private Sub Image1_MouseDown(ByVal Button As Integer, ByVal Shift As Integer, ByVal X As Single, ByVal Y As Single)
        downX = X: downY = Y
End Sub
Private Sub Image1_MouseMove(ByVal Button As Integer, ByVal Shift As Integer, ByVal X As Single, ByVal Y As Single)
    If Button =  1  Then
        Image1.Left = Image1.Left + X - downX   'передвижение по Х
        Image1.Top = Image1.Top + Y  - downY   'передвижение по У
    End If
End Sub