Stenson, Pepperell, share Malmo lead
Swedish golfer Henrik Stenson during the final round of the PGA Championship at Wentworth Golf Club in Surrey, England, on May 25, 2014 - by Glyn Kirk
The pair led the field on 13 under after Stenson shot a 64 for the best round of the day with Pepperell signing for a 65.
One shot behind came Stephen Gallacher and Alvaro Quiros.
Stenson, the world number two, shot seven birdies and an eagle at the seventh to join overnight leader Pepperell who is searching for his first European Tour win.
"I had great fun out there," said the unheralded Briton.
"I felt comfortable out there.
"I'm really happy with myself. The game feels pretty good.
"It was a great start with three birdies in a row. I was flying and I missed good opportunities on four and five. Then I had a sticky spell with my swing, but hung in there. I would like to have finished with a birdie on the last two holes, but I'm not too unhappy about that.
"On 17 I had a good swing, bad putt. On 18 I just hit a slight pull and the wind just took it in the water, but I can't be too disappointed as I committed fully.
"Henrik is tied with me so it is going to be a great day tomorrow (sunday), but I've just keep to keep focused on my game and do what I’ve been doing. If I do that I'll have a shot come the last and I’ll enjoy it."
Stenson, reflecting on his eagle magic at the seventh, said: "I knew it was going to be inside ten feet when I hit it and it landed about five feet away, had a little release and hop and went in."