Scotland's Marc Warren produced one of the best rounds of his career to surge into contention for the inaugural Made in Denmark event on Saturday.
Warren, who won the last of his two European Tour titles in 2007, defied winds gusting over 30mph to card a superb 66 at Himmerland Golf Resort to set the clubhouse target on six under par.
He was later joined on that mark by overnight leader Bradley Dredge, who had to wait until a medical emergency was dealt with on the 18th hole before being able to finish his round of 73.
Dredge had been four shots clear at the halfway stage but struggled in the conditions and was three over par for the day before holing from 20 feet for birdie on the 17th.
That ensured he finished alongside Warren and three ahead of Wakefield and Ireland's Gareth Maybin, with Olesen another shot back on two under with Welshman Stuart Manley and England's Phillip Archer.
In testing conditions Maybin enjoyed a bogey free front nine with a birdie on the seventh, and while he did drop a shot on the 15th, he claimed three more birdies for a round of 68.
Warren, who carded eight birdies and three bogeys, said: "Even driving here we could see the wind was a lot stronger than the first two days so we knew it was going to be a battle today.
"Obviously Bradley was well ahead of me and the rest of the field and to be honest I was hoping it was going to be tougher because if it was easier he could maybe have the chance to pull away.
"Overall I am absolutely delighted. I think 66 today, I probably couldn't have hoped for that before I started. I started off and felt a wee bit of out of synch the first couple of holes, then hit a really nice second shot into the third and from then on just played really solid golf.
"A lot of imagination was needed today and I enjoy that style of golf."
Warren flew to Denmark after finishing joint 15th in the US PGA Championship at Valhalla last week and admitted the jet-lag was having an effect.
"I was wide awake at half three last night," the 33-year-old added.
"It's a whirlwind and you lose track of what's going on, catching three flights to get here. I've got the wife and son with me as well so whirlwind would be a good word to describe it."
Local favourite Thomas Bjorn is five off the pace after a 73 and was full of praise for Warren's score, telling Sky Sports 4: "That's up there with one of the best rounds I've seen in a long long time.
"It was literally impossible on some of those exposed greens to putt, your putter went all over the place and it was a very very difficult day out there."
Earlier in the day, Ireland's Michael Hoey had been forced to withdraw after being unable to make his third round tee time.
Hoey thought he had missed the halfway cut after consecutive rounds of 73 left him four over par and set off for home, only to discover in Amsterdam airport that a bogey on his final hole from James Heath - who was in the last group out on Friday afternoon - had changed the cut from three over to four over.
The 35-year-old then tried to get back to the course only to discover that his golf clubs had been mislaid in transit and he could not get back in time for his 7:40am start on Saturday morning.
The five-time European Tour winner wrote on Twitter: "Home after a nightmare 24hrs, left Aalborg for Amsterdam, arrived, watched scores, made cut. KLM lost my clubs, missed flights back.
"Couldn't get private jet, train, car or any other way back so came home! At least I found my clubs this morning at Schiphol #silverlinings."