American left-hander Mickelson, who could become golf's oldest major champion, and Oosthuizen, the 2010 British Open winner, were deadlocked atop the leaderboard on five-under 139 after 36 holes on the formidable Ocean Course.
“I’m heading into the weekend with an opportunity and I'm really excited about it,” Mickelson said. “If you told me (I was leading) Sunday night, I'd really enjoy it. Right now, there's a lot to do.”
Oosthuizen, who birdied five of the first 12 holes, nearly fired the first bogey-free round of the week but missed a nine-foot par putt at the 18th to shoot a four-under 68.
“It has got to be up there as one of my best,” Oosthuizen said of his round. “It was tough. I'm just glad I was striking it really good.”
With a victory, Mickelson would erase the age mark set by American Julius Boros when he won the 1968 PGA Championship at 48.
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