The Englishwoman mixed seven birdies with three bogeys during a four-under 68 at Blythefield Country Club to move to 13 under, matching the total of playing partner Jing Yan.
Yan took advantage of the par-five last to post a fourth birdie of the day and record her second bogey-free round, keeping her one ahead as she chases a maiden LPGA Tour title.
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Woad won the LPGA Tour's Kroger Queen City Championship last month and is primed to challenge for a second win in three starts, although she is keen to eliminate mistakes ahead of her final-round pairing with Yan.
"I've been in a few final groups now and it's gone my way on a couple occasions," Woad said. "I think just trying to get off to a good start, get back ahead and push early and just keep putting the pressure on, is what we're going to try to do.
"If I'm needing to make birdies, I need to make a few less bogeys. I feel like I've been rolling it pretty well on the greens. Just going to try and give myself I guess more chances and hopefully just keep holing some putts."
Australia's Cassie Porter is two strokes back after a third-round 69, with Wei-Ling Hsu, In Gee Chun and Yan Liu all four behind Yan on 10 under.
"I just tried to enjoy it," Yan said. "I knew I was going to be a little bit nervous not having really been in this position before. I have been in the later tee times and there have been times where I haven't handled it very well, so just trying to figure out what really works for me."
England's Heath leads on Ladies European Tour
England's Charlotte Heath fired a bogey-free 67 to take a two-shot lead into the final round of the Dutch Ladies Open.
The Ladies European Tour rookie carded five birdies during her second round at Goyer Golf & Country Club, lifting her to eight under ahead of Lee-Anne Pace, Sophie Witt and Harang Lee.
Heath - starting on the back nine - rolled in her first birdie of the day on the 16th and made further inroads on the first and fourth, before adding gains at the seventh and ninth to double her advantage.
"I had pretty good ball striking - I didn't really hole many long putts, they were all within 10 feet," Heath said. "I don't think I will do anything different tomorrow. It's just another round of golf and that's how I will do it."
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