With a top-110 place in the Race to Dubai standings required to secure playing privileges for next season, Hedblom, currently 179th, is looking to break into that bracket by the end of this tournament and he began the day as one of four players tied for the lead after shooting an opening four-under-par 68.
Prior to him teeing off on day two he was overtaken by England's Ross Fisher, who shot 67 to progress to five under overall, but Hedblom moved to seven under by posting 69 in which he made birdies at the first and fourth en route to six in total for the round.
Asked about the prospect of a dream finish to a difficult year, 43-year-old Hedblom told the European Tour: "I love fairy tales.
"A similar thing actually happened to my best friend on Tour, Michael Jonzon, in 2009. He was like me, way back and needed a big finish in Castellon which was his last tournament, and he won it - he beat Martin Kaymer. That was a fairy tale story.
"That was the same year as my last win, so it has been a little while for me but I know I have the game to do it. It's been two great days so far and it is great right now to be leading.
"We'll see - I think the closer I get to Sunday, the more difficult it will become but I don't really have anything to lose. If I want to play another year, full year on Tour, I need to win. So you just have to go for it and have fun."