Roland Thatcher, who held a share of the lead after the opening round, finished one shot back at 5-under-par 137.
Ogilvie began the day at minus-5 and faltered early with a bogey at the par-4 second. He countered with a birdie at the fourth but found trouble again with a bogey at the par-4 eighth.
He birdied the ninth and reached 6-under with a birdie at the 11th. Ogilvie gave that shot back with a bogey at the par-3 14th before another birdie at the 16th granted him a share of the 36-hole lead.
'It's a wonderful golf course,' said Ogilvie. 'We Americans don't get to play a course like this very often.'
Fraser was near the top of the leaderboard all day as well. He played the back nine first and got started with a birdie at the 10th. Fraser bogeyed the 13th and then birdied the 16th to make the turn at 6-under.
Fraser fell apart with a pair of bogeys starting at the par-4 second but recovered with a birdie at the seventh. Fraser then birdied the ninth, his last, to join Ogilvie in first.
'I'd rather play in the wind than in dead still conditions,' said Fraser. 'You've got to use a bit more information with your shots and just make sure you think that little bit more.'
Thatcher seemed poised to carry the lead into the weekend after a birdie at the first, his 10th, moved him to 7-under. It was all downhill from that point on, however. He had back-to-back bogeys from the second before a birdie at the fifth.
The 25-year-old double-bogeyed the sixth but was able to salvage what he could with a birdie at the ninth.
'I think the golf course was punishing us for doing the damage we did on it the first day,' said Thatcher.
Peter O'Malley shot a 1-under 70 to finish in a tie for fourth with Pete Jordan at 4-under-par 138. Kim Felton and first-round co-leader Jarrod Moseley were one shot further back 3-under-par 139.
Mahal Pearce and Zoran Zorkic share eighth place at 2-under-par 140.
The 36-hole cut fell at 5-over-par 147 with 73 players qualifying for the weekend.
This event is co-sanctioned by the Nationwide Tour and the PGA Tour of Australasia.