Looking for his first ever European Tour title, Dredge came out of the gates on fire with birdies at the first, second, fourth and fifth. He settled down from there, going just even par the rest of the way, but is right where he wants to be.
'I am definitely ready to win. Ive had enough near misses now so I will try to go out at the weekend and not finish second,' offered Dredge. 'Ive only been in the final group once before and that was at the Volvo Masters Andalucia.'
Dredge, from Wales, is followed closely by Englishmen Mark Roe(67) and Richard Bland(65), who stand at 10-under after Friday's round.
Roe, the free-spirited 39-year-old who hasn't won in over eight years, enjoyed a bogey-free day at the Houghton Golf Club to climb into contention. Five birdies on Friday and 11 birdies without a bogey since the fourth hole on Thursday, has the veteran in a positively good mood.
'Just to survive out here is great,' said Roe. 'Every week, every month seems a bonus, which is lovely. I said I would retire at 40 and that would be enough of travelling and playing, but I still feel competitive and you cant pack in when you are competitive.'
Bland, who like Dredge is gunning for his first tour victory, had a lone bogey to go with a bundle of birdies - eight - and hopes his close call in last year's Irish Open will serve him well.
'The Irish Open gave me a taste for this last year and I definitely want to get back up there with a chance to win,' he said.
Right there, just two off the pace, is South African Richard Sterne and Dane Anders Hansen. Hansen matched Bland's 65 with three birdies and a rare two eagle afternoon.
Overnight co-leader Stephen Dodd fell into a tie for sixth after a 1-under 71. He's joined by five others, including last week's South African Open winner Trevor Immelman at 8-under-par 136.
Immelman backed up his opening-round 69 with a stellar six-birdie effort to set up a possible run on the weekend.
Defending champion Justin Rose shook off a disappointing 73 on Thursday with a 5-under 67 to bring him up and into a tie for 27th.
Suprising Lee Westwood, whose struggles have been well documented, finds himself in a tie for 13th after his second sub-par day. A bogey-less round gets him into the weekend in good position where he hopes he could rekindle some of the magic that made him one of the world's best.