You arent using Dependenc Walker the best way. DW has a "Profile" feature. You will have to pick perl.exe, give it command args, and run the perl process in DW. This way all GetProcAddress and LoadLibrary es will be loged. The "The specified module could not be found" message will appear in there probably or its Win32 error code equivelent (0x8******* codes are Native API/COM error codes, not GetLastError codes). What you were looking at in your post was STATIC analysis. You did put the Initialize() before any other Win32::OLE calls except the use right? Worst case, stepping Win32::OLE's XS code is the only way to figure out what happened and what exactly went wrong. I've done it before to Win32::OLE and found a bug in Win32::OLE that already was on OLE's RT page.

Written on a smart phone so sorry for spelling mistakes.