Syntax and objects required to programmatically execute a powerclip

I am wanting to programmatically perform a powerclip, where an image is inserted into a shape, or rather, the shape is used to powerclip the image.

I have created a circle, and imported a picture.

The object model diagram shows this:

and the PowerClip does have an ExtractShapes method, but nothing I find goes "the other way"..

Dim ellipse1 As Shape
Dim picture As Shape  ' picture is the jpg image

' create a circle shape
Set ellipse1 = ActiveLayer.CreateEllipse(20, 30, 25, 35)

' import an image, to be clipped into the circle
ActiveLayer.Import "C:\temp\PIC1.jpg"

Set picture = ActiveLayer.Shapes("PIC1.jpg")

' how to "PowerClip Inside" this picture into the ellipse1?

Thanks in advance