A method and data processing system for accessing an entry in a memory array by placing a tag memory unit (114) in parallel with an operand adder circuit (112) to enable tag lookup and generation of speculative way hit/miss information (126) directly from the operands (111, 113) without using the output sum of the operand adder. PGZ-encoded address bits (0:51) from the operands (111, 113) are applied with a carry-out value (Cout48) to a content-addressable memory array (114) having compact bitcells with embedded partial A+B=K logic to generate two speculative hit/miss signals under control of a delayed evaluate signal. A sum value (EA51) computed from the least significant base and offset address bits determines which of the speculative hit/miss signals is selected for output (126).