The Welsh region now sit seven points ahead of the Saints in Pool 1, but there is still hope in the squad says Wood.
"On Friday we could look at a lot of things that didn't go our way but at the end of the day we were nowhere near good enough," Wood told the Northampton Chronicle.
"When you play the way we did you can't expect to win.
"We've obviously not done ourselves any favours and it's a mountain to climb from here.
"It'll depend on other results I'm sure, but we don't see ourselves as out of it.
"We'll have to come back a lot stronger than we have so far. Potentially we'll have to win all four games and maybe pick up a couple of bonus points along the way. We won't worry about the maths too much.
"We'll concentrate on getting our performance a lot better than it was on Friday and we'll let everything else take care of itself."