Mickelson, completing his storm-interrupted second round in overcast morning conditions at the par-71 Serapong Course, saw his second shot at the par-five 18th plunge into the water after the ill-timed snapshot distracted him.
The world number three carded a three-under 68 and starts the third round five strokes behind South African Els and Englishman Dyson, who sit atop the leaderboard on six under.
Local hope Lam Chih Bing, Thailand's Chapchai Nirat and 19-year-old Rory McIlroy from Northern Ireland are two strokes off the lead at four under, while three-times major winner Padraig Harrington is on level par.
Australia's Adam Scott and South Korean K.J. Choi were among those who missed the cut at four-over-par.
Mickelson was irate after having to settle for a bogey six at the relatively straightforward 18th hole.
"That's by far the angriest I've seen him in 16 years," caddy Jim Mackay said behind the 18th green while Mickelson signed for his score.
However, the American left-hander quickly put the incident behind him and said he was aiming to make up more ground when the third round got underway later in the day.
"I need to go out and make some birdies. I think if I can shoot five-six under I can get right in contention for Sunday's final round," he said.
Torrential Rain
Weather has been a major factor in the opening two rounds of Asia's richest national open, with play held up for several hours on Thursday and Friday.Torrential rain and lightning sent spectators scurrying for cover on Friday and forced organisers to suspend the second round for three hours with more than half the field still to complete 36 holes.
Organisers have been forced to come up with contingency plans for weather delays and representatives from the tournament, sponsors Barclays and the Asian Tour had met to discuss the possibility of a potential spillover into next week.
Singapore's own Lam, who also finished his second round early on Saturday, said he was pleased to be in contention going into the weekend but would not allow himself to look too far ahead.
"I'm not thinking about winning. I'm taking it one shot at a time, one day at a time," he added. "It's not easy but that's the game plan."
A total of 72 players made the cut for the third round, which began at 1325. Players are in groups of three with half the field teeing off from the first and the other half from the 10th hole as organisers seek to complete as much of the round as possible.










