This is a simple css mod.
To find out which styles are used for current image, temporary disable your theme compress.php (add .bak extension to it for example) and either download firebug
for FF, or use Google Developer tools for Chrome (f12, or ctrl+ shift+ i).
After you find out which one class/selector is used and in which file, you can easily find it and edit/modify the file/values in css.
For example, if that block have float:left; you can add margin values to get that white space between image and letters.
Values go in following order: top right bottom left
margin:0 15px 15px 0;
Also, final step would be as Impaler suggested above.