Through 36 holes, the 41-year-old Scots total score of 12-under-par 132 ties the tournament record, and he leads by two strokes over first-round leader Angel Cabrera (71), Stephen Leaney (64) and Phillip Price (69), and by three over Englands Steve Webster (68).
Searching for just his third win in a career that has spanned some 17 years on the tour, Oldcorn still remains positive that his best golf may be yet to come.
I feel Ive failed in certain areas of my career and I still feel I have a reasonable amount of longevity left in me, he claimed. So, I have the desire to do it. No doubt about it.
I still feel capable of winning here. I still have ambitions I have not achieved.
One thing Oldcorn certainly did not fail to achieve on Saturday at the Wentworth Club was making birdies, as he recorded nine of the red numbers on the day.
An untimely bogey at the first and a double at the 16th slightly derailed him, yet he will go charging into Sundays third round two ahead.
Lurking, however, is Cabrera, this years champion of the Open de Argentina.
Following an opening round of 63, the big Argentinian ran into a bit of trouble of his own at the end of his round, when after going 2-under through his first 13 holes, he went bogey, triple-bogey at Nos. 14 and 15.
The Duck remained cool, however, and birdied the final three holes of the day for a respectful 71.
I am still in there fighting, Cabrera warned. Im confident, even with that triple bogey. I only hit one bad shot and I only made one mistake.
Likewise, Leaney seems to be finding a stretch of good form, as the TNT Open champion carded the second-ever lowest round at Wentworth in his 64.
This is my lowest round for 18 months, Leaney said. Ive been struggling the last two or three weeks. I didnt come here with high expectations after two missed cuts but it just suddenly clicked on the range on Thursday afternoon.
One player who did come to Wentworth with high expectations was Colin Montgomerie, the events three-time defending champion.
Yet, the seven-time Order of Merit winner will have to go home empty handed, as he missed the cut with a total score of 142.
Montgomerie has now missed three cuts in the seven events he has played this year in Europe.
Full-field scores from the Volvo PGA Championship