Dodd finished strong by posting birdies on six of his last 11 holes to reach the clubhouse with the early lead. His scorecard totaled seven birdies overall and not a single bogey, as he continues his fine play following a tie for 4th and 8th in his last two events.
'Its nice to have two top tens under my belt this season, said Dodd. 'I am starting to score well now and I would like to win a tournament. Thats what we are all out here for. We all believe we can win and I feel I can do it.'
Dredge did Dodd one better in the birdie department, eight, but an opening-hole bogey left him even with his fellow countryman. Dredge, who was 18th on the Order of Merit in 2002, birdied the par-5 18th to catch Dodd at minus-7 and the Thursday lead.
'Im learning all the time and its just a case of getting into the right position, being patient and waiting for the putts to drop,' offered Dredge.
A trio of players, Callie Swart from the host country of South Africa, Sean Farrell of Zimbabwe and young hotshot Louis Oosthuizen, also from South Africa, find themselves just one back, carding 6-under 66s for a share of third place.
Swart had a share of the lead with Dodd at 7-under but a bogey at his 18th hole, his lone bogey of the day, dropped him a shot off the lead.
Farrell and Oosthuizen, on the other hand, both closed the day with a flourish. Farrell posted 2 birdies and an eagle starting at the 15th and Oosthuizen was even better, going 5-under on his final four holes.
Paul Casey, who won his first tournament at the 2001 Gleneagles Scottish PGA Championship, heads a group of six players, including the top American Scott Dunlap, that has them just two off the pace at 5-under.
Last week's runner-up, Tim Clark, is joined by eight others at minus-4.
Defending champion Justin Rose struggled in with a 1-over 73 that puts him into a tie for 88th.
Lee Westwood, coming off his missed cut last week, fared a little better, shooting a 1-under 71 and is in 44th place.