The basic problem is that for some reason you (or the upgrader?) chose to convert your
picDraw object to a Panel (as the error message says, specifically to an instance of System.Windows.Form.Panel).
That's clearly not the right conversion, as a Panel has no drawing capabilities, at all. It's just a container for other object, including various sorts of drawing objects.
So go find where/what picDraw was in your VB6 code and figure out what it should have been changed to for
VB.NET.
I'd guess that *probably* it should be an instance of System.Drawing.Graphics. Probably.