Ireland’s Shane Lowry – who won the Irish Open as an amateur – had five birdies in his first ten holes to advance to ten under and third place, alongside England’s Anthony Wall, who was six under for his round through 12 holes.
In conditions much more akin to good scoring than Saturday’s blustery affair, Wood gained further shots at the seventh and 11th.
He was still one behind Olesen, however, who birdied three holes out of four either side of a bogey at the fifth.
Lowry was two behind on 12 under, but the Irishman only had three holes left to play, with Wall an José Manuel Lara a shot further back.
Wood caught Olesen with a mid-ranbge birdie putt at the 12th, but at that stage he had played five holes more than the Dane.